News

MINNEAPOLIS — Target announced that it will sell off about $209.3 million worth of debt as the company moves to refinance $679 million worth of debt due between 2028 and 2031, the mass merchandise retailer said.

Target announced plans to purchase $170 million in 6.75% debentures due 2028, $154.9 million in 6.65% debentures due 2028 and $354 million in 7% debentures due 2031.

The company said the $209.3 million tendered so far represented 20.31%, 25.22% and 38.32% of the totals of the three respective security titles.

PURCHASE, N.Y. — Pepsi has unveiled a new single-serve bottle, marking its first design update since 1996.  The new bottle will be rolled out in markets nationwide starting in April in 16-ounce and 20-ounce packaging, with full conversion taking a few years. 

BENTON HARBOR, Mich. — Whirlpool announced that its Gold Series Dishwasher with PowerScour, as well as four other Whirlpool Gold Series Dishwashers, earning the Good Housekeeping Seal by the Good Housekeeping Research Institute (GHRI). 

This announcement comes on the heels of the GHRI awarding Whirlpool Gold® gas and electric ranges with TimeSavor Convection cooking with the Good Housekeeping Seal.

CARLSBAD, Calif. — 2XU, a manufacturer of high performance athletic apparel, has named Kevin Roberts CEO of the company. 

"2XU represents the pursuit of an incredible global business opportunity," said Roberts. "I greatly value the entrepreneurial culture of the brand and will continue to foster it moving forward."

FOOTHILL RANCH, Calif. — The Wet Seal reported that net sales for the fourth quarter were $161.7 million compared with net sales of $163.2 million for the 13-week fourth quarter in fiscal 2011.

Consolidated comparable-store sales declined 8.3%, including a comparable-store sales decline of 9.1% at Wet Seal and 3.1% at Arden B. 

Net loss was $85.8 million, or 97 cents per diluted share, as compared with net income of $1.1 million, or 1 cent per diluted share, in the prior year quarter. 

The recent announcement that retail giant Walmart plans to open more than 100 of the brand’s Neighborhood Market stores in 2013, and as many as 500 Neighborhood Market locations over the next few years, has industry analysts and observers talking. They have my attention, as well.

New York -- New York & Company reported net income for the fourth quarter of $10.5 million, compared with a net loss in the prior year fourth quarter of $10.9 million.

Net sales for the quarter were $291.8 million, up from $271.8 million in the year-ago period. Same-store sales increased 2.3%.

BOSTON — PYMNTS.com, a news website serving the payments industry, released its list of winners for the 2013 PYMNTS Innovator Awards. Winners were chosen across sixteen categories by a panel of judges with deep and practical expertise in payments and payments innovation. The top finalists in each category were given an award at the PYMNTS.com Innovator Awards Dinner held this year on March 21 at Annenberg Hall on the Harvard University Campus as part of The Innovation Project. B.J.