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J.C. Penney considering real estate spinoff to raise cash
New York -- A Tuesday report by Bloomberg said that J.C. Penney has an additional plan to raise money; the retailer is said to be considering a spinoff of its real-estate holdings into a new unit that could issue debt.
Citing two unidentified sources, Bloomberg said Penney is also considering selling its real estate and then leasing it back as another avenue to free up money. And other assets, such as inventory, could be collateralized.
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Target lowers Q1 sales and profit forecast
Softer than expected sales trends prompted Target to lower its first quarter earnings outlook Tuesday morning.
The company said it now expects first quarter comps to be flat, after previously forecasting a range of flat to 2% growth. The softer than expected sales prompted the company to revise first quarter adjusted profit expectations to an unspecified level of "slightly below" earlier guidance of $1.10 to $1.20.