By Staff -- Home Textiles Today, 10/31/2005 12:00:00 AM
Federated Finishes Card Sale …
Federated Department Stores, Inc. has completed the first of three transactions related to its sale of Federated and May Department Stores Company credit card receivables to Citigroup.
The initial closing, which includes Federated's owned proprietary credit and Visa receivables, yielded after-tax proceeds of approximately $2.7 billion after eliminating approximately $1.2 billion of outstanding receivables-backed debt. These proceeds will be used to repay debt associated with Federated's acquisition of May Company, which was completed on Aug. 30.
… and Names Additional Divestitures
Federated Department Stores, Inc. has identified an additional six duplicate stores in Arizona, California, Indiana, Kentucky and New Hampshire it intends to divest commencing in 2006 as a result of its merger with The May Department Stores Company.
Federated has already slated 76 locations for divestiture beginning in 2006 because duplicative Macy's and May Company stores operate in the same mall or shopping center. Also, four May Company locations will be closed for renovation in 2006 and later re-opened as Bloomingdale's.
Feld to Lead Cost Plus
Cost Plus, Inc. has named Barry Feld — currently a member of the company's board of directors — CEO and president.
He will continue to serve as a director. Most recently, Feld was president, CEO and chairman of the board of directors of Portrait Corporation of America, Inc., a large operator of retail portrait studios in North America. Portrait Corporation of America, Inc. is the sole portrait photography provider to Wal-Mart Stores, Inc.
Ikea Hits Milestone, Plans Expansion
Ikea marked its 20th year in the United States by offering 15 percent off on all home furnishings. The three-day sale took place from Oct. 28 through Oct. 30.
The company is also expanding its presence in the Pacific Northwest with a unit to open in Portland, Ore., in spring 2007.
Pending permits, construction of the new store will begin next spring. The Portland store will measure 280,000 square feet and will have about 1,200 parking spaces.
Kmart Goers Can Apply for Sears Card
Customers shopping Kmart stores will be able to apply for the Sears Card, according to Sears.
Sears Holdings announced in May that it had amended its agreement with Citibank and would be terminating Kmart's relationship with Household Bank (HSBC), which previously provided a private label credit card program for Kmart.
Most former holders of the Kmart Card will be receiving a new Sears card, issued by Citibank, which can be used across the Sears Holdings' franchise of stores.
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