News

San Francisco -- Gap has entered into a new $500 million revolving credit facility with a syndicate of banks led by BofA Merrill Lynch, J.P. Morgan and Citigroup Global Markets. The new financing matures in 2016 and replaces the company’s existing $500 million revolving credit facility. As part of the same financing agreement, the company also entered into a $400 million five-year term loan.

Satellite television provider Dish Network was selected as the winner of a bankruptcy court auction for the assets of Blockbuster late Tuesday with a bid valued at $320 million, the company announced late that day. The actual cash price Dish will pay is closer to $228 million after adjustments are made for cash and inventory. The deal is expected to close during the second quarter, according to Dish Network.

By Emily Millar, [email protected]

Web-related shopping is growing. Forrester Research predicts U.S. online retail sales will reach nearly $250 billion by 2014 with many more billions to be made from shoppers making in-store purchase decisions that are “web-influenced” first.

JACKSONVILLE, Fla. -- The Winn-Dixie Foundation announced that it has donated nearly $1.3 million to 81 charities throughout its operating areas in the Southeast. 

HOUSTON -- Cardtronics, the world's largest retail ATM owner, announced that Lucia Romanello Crater has joined Cardtronics as the company's new VP U.S. merchant sales. 

EL SEGUNDO, Calif. -- Fresh & Easy Neighborhood Market announced that it has relaunched its Design-A-Bag contest, inviting Fresh & Easy customers to design and vote on the grocer's next reusable bag. Customers can submit their original bag designs at www.freshandeasy.com/designabag through May 15. Based on feedback Fresh & Easy has expanded the contest this year to anyone 13 years of age or older in Arizona, California and Nevada.

New York City -- Satellite TV company Dish Network Corp. said Wednesday that it won the auction for Blockbuster with a bid valued at $228 million in cash. The transaction, expected to close the deal during the second quarter, needs bankruptcy court approval.

As of Tuesday, Dish, investor Carl Icahn and a group of debt holders were the three remaining bidders for the Dallas movie-rental chain, which filed for Chapter 11 in September.

BENTONVILLE, Ark. -- Walmart announced that, through the Walmart Foundation, it has donated $319 million in cash and $480 million in in-kind contributions around the globe during the fiscal year ending Jan. 31. According to Walmart, the company's U.S. giving grew by 64%, largely due to donations of produce, meats, poultry and other nutritious food to local food banks from Walmart stores, Sam's Club locations and distribution centers.