News

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.
 

Target announced that Steve Eastman, president of Target.com, left the retailer to pursue other opportunities. Eastman’s departure follows a late August relaunch of Target.com.

Let’s say you are a major global retailer, perhaps the largest in the world, and interested in expanding into markets beyond the 28 where you currently have a presence. Is the better strategy to publicly identify new markets of interest and a timetable for entry, thereby elevating asset prices, or to shun deal-making to pursue ample organic growth opportunities in existing markets all the while reserving the right to strike opportunistically when market conditions are most favorable?

Walmart didn’t release a third-quarter same-store sales figure when it held a meeting with financial analysts on Wednesday, but it might as well have. Everything else the company’s senior executives said about the performance of the U.S. stores division indicated the nightmare that has been nine consecutive quarter of negative comps will end on Nov. 15 when quarterly results are reported.

ST. LOUIS — Ralcorp Holdings announced that Robert Vitale will serve as CFO Post Holdings in conjunction with the previously announced separation of Ralcorp and the Post cereal business.  Vitale will join Post effective Nov. 1.

ROCHESTER, N.Y. — Eastman Kodak Company announced that its Kodak Picture Kiosk software will now allow consumers to use images from Facebook to create photo products. The enhanced Facebook application is the flagship feature of the new Kodak Picture Kiosk software version 5.0 currently being rolled out to retailers worldwide, the company said.

WOONSOCKET, R.I. — CVS Caremark has released the Caremark.com Droid application, which provides Android users with access to the Drug Information Database to learn about various prescription drugs and allows CVS Caremark plan members to log in and manage their prescriptions online.

The free app can be used with Android 2.1 OS and above phones. Caremark.com has had an iPhone application available since July 2010, and this new Android application further broadens CVS Caremark members' mobile access to their prescription information.

SAN FRANCISCO — Facebook's influence on retail continues to grow as eBay announced that it has integrated the social network's Open Graph functionality into its storefront and fulfillment platforms.