Financial/Banking

BURBANK, Calif. — Former chairman, president and CEO of Procter & Gamble, A.G. Lafley, has joined Legendary Entertainment’s board of directors.

Lafley joins a board comprising Legendary's chairman and CEO Thomas Tull, as well as Jim Breyer, Larry Clark, Dick Cook and Joe Roth.

Legendary Entertainment is a media company with film (Legendary Pictures), television (Legendary Television) and comics (Legendary Comics) divisions.

COMMERCE, Calif. — The investment group that agreed to buy 99 Cents Only Stores for $1.6 billion must be pleased with the discounter's second-quarter results.

99 Cents Only Stores reported total sales of $363 million for the second quarter, an increase of 8.8% over total sales of $333.6 million for the same quarter last year. Same-store sales for the quarter were up 6.7%. The number of same-store-sales transactions increased 4.7% and the average transaction size increased to $9.62 from $9.44, the company reported.

Stamford, Conn. -- Stein Mart and GE Capital’s Retail Finance business announced Friday the multi-year renewal of the Stein Mart co-branded credit card program.

Plans with the new agreement include launching a private label Stein Mart credit card in early 2012 that will be integrated into the customer loyalty program to drive sales and customer engagement.

Naperville, Ill. -- OfficeMax on Friday said it is amending two credit lines and consolidated them into a new $650 million revolving credit facility that expires in October 2016.

The two existing agreements included a $700 million U.S. credit facility and a $60 million Canadian facility ($59.1 million U.S.) that were set to expire in July 2012.

There are currently no outstanding borrowings under the facility.
 

Bentonville, Ark. -- Walmart and the Walmart Foundation on Friday named Sylvia Mathews Burwell as president of the Walmart Foundation.

Burwell will join Walmart in January 2012 to lead the company's charitable giving efforts and Walmart's Global Women's Economic Empowerment Initiative. Burwell will also guide the company's social, environmental and economic opportunity efforts in Africa, the company said.

Sylvia Mathews Burwell was named president of the Walmart Foundation Friday morning and will join the organization in January 2012. She currently serves as president global development for the Bill & Melinda Gates Foundation and will replace Margaret McKenna who served as president of the Walmart Foundation since 2007 and announced her retirement earlier this year.

Commerce, Calif. -- 99 Cents Only Stores reported Friday that same-store sales for the second quarter rose 6.7%. The news comes just days after the discounter agreed to a $1.6 billion buyout by private equity firm Ares Management LLC and the Canada Pension Plan Investment Board.

Total revenue for the quarter ended Oct. 1 rose 8.8% to $363 million.
 

New York City -- Target Corp. secured a new $2.25 billion unsecured credit facility, the retailer disclosed Friday in a filing with the Securities and Exchange Commission.

Target could borrow up to as much as $500 million under the credit agreement. The agreement with Bank of American and Citibank will expire in October of 2016 unless it is extended.

The current facility replaces a prior $2 billion credit agreement.