Pennsylvania Real Estate Investment Trust to sell three malls to an institutional buyer

PHILADELPHIA, 2015-7-30 — /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that it has entered into an Agreement of Sale for three malls to an institutional buyer.  The assets under agreement of sale, which are subject to customary closing conditions, are: Gadsden Mall in Gadsden, AL, Wiregrass Commons Mall in Dothan, AL and New River Valley Mall in Christiansburg, VA.

Sales per square foot for the assets under agreement of sale follow:

  • New River Valley Mall: $279
  • Wiregrass Commons Mall: $297
  • Gadsden Mall: $310

Excluding these properties, and Uniontown Mall, the sale of which is expected imminently,  sales per square foot as of June 30, 2015 were $431.

The three assets are expected to be sold in one transaction for $95.4 million.  This would constitute a total of 10 malls sold under the Company’s disposition program.  Total funds raised through assets sales including malls, power centers and various parcels would total over $560 million.

In addition to these transactions, the Company is also negotiating agreements of sale on two additional non-core malls, which it hopes to execute within the next several weeks. Upon completion of these transactions and assuming the sale of Palmer Park Mall,  the portfolio composition would be modified as follows:

June 30, 2012 Post Disposition
Sales PSF $378 > $450
Occupancy Costs 12.2% 12.9%
Same Store Mall Non-anchor occupancy 86.8% 91.7%
Percentage of properties in Top 10 MSAs 30% 50%
# of Sears stores in Portfolio 29 16
# of JC Penney stores in Portfolio 30 20
CAM Recovery Ratio 56.0% 65.8%

“Upon completion of these transactions, our evolution into a high-quality mall REIT is nearly complete,” said Joseph F. Coradino, CEO of PREIT. “Our methodic and efficient disposition program, coupled with our disciplined capital allocation strategy, has transformed our platform into one which is expected to generate sales exceeding $450per square foot resulting in an enhanced relationship with retailers, a cultural shift within the Company and opportunity to drive future growth and enhance shareholder value.”

About PREIT
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates approximately 28 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia.  PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI.  Information about the Company can be found at preit.com or on Twitter or LinkedIn.

Forward Looking Statements
This press release, together with other statements and information publicly disseminated by us, contain certain “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: our substantial debt and stated value of preferred shares and our high leverage ratio; constraining leverage, unencumbered debt yield, interest and tangible net worth covenants under our 2013 Revolving Facility and our Term Loans; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; our ability to sell properties that we seek to dispose of or our ability to obtain estimated sale prices; the effects of online shopping and other uses of technology on our retail tenants; risks relating to development and redevelopment activities; current economic conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties; our short and long-term liquidity position; general economic, financial and political conditions, including credit and capital market conditions, changes in interest rates or unemployment; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; changes to our corporate management team and any resulting modifications to our business strategies; increases in operating costs that cannot be passed on to tenants; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; and potential dilution from any capital raising transactions or other equity issuances.  Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed in our Annual Report on Form 10-K for the year ended December 31, 2014 in the section entitled “Item 1A. Risk Factors.” We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

CONTACTS:

Robert McCadden
EVP & CFO
(215) 875-0735

Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com

Migros Sélection überrascht Zürcherinnen und Zürcher

ZURICH, Switzerland, 2015-7-22 — /EPR Retail News/ — Am 22. Juli macht Migros Sélection den Alltag der Zürcher Tram-Fahrgäste zu etwas Besonderem und überrascht sie in einem 13er-Tram mit einer Gratis-Degustation von ausgewählten Sélection Produkten.

Sélection Tram: Für alle, die wissen wollen, was gut ist

Das Sélection Tram wird am kommenden Mittwoch ab 7 Uhr bis 19 Uhr zwischen Albisgüetli und Frankental verkehren. Einsteigemöglichkeiten bestehen an jeder Haltestelle der Linie 13. Zu erkennen ist es am typischen weissen und goldigen Sélection-Look. Das Degustationsangebot ist zudem auf den Fenstern abgebildet. Zürcher Fahrgäste können jederzeit einsteigen und unterwegs nach Lust und Laune zehn verschiedene Produkte probieren, welche passend zur Tageszeit offeriert werden. Die Palette reicht von Konfi- und Honigbrötchen zum Frühstück, über Apérogebäck und Häppchen mit Brie de Meaux bis hin zum Mango Lassi und Schokoladenkuchen.

Sélection Produkte bieten mit ihren feinen Aromen und Nuancen kulinarischen Genuss während des ganzen Jahres – egal ob bei einem schönen Abendessen oder beim täglichen Familienfrühstück. Gleichzeitig regen die Produkte dazu an, Neues in der Küche auszuprobieren und sich von unerwarteten Kombination inspirieren zu lassen. Sei es die Kombination von roten Linsen und Hibiskus-Malve-Sirup, von Irish Beef und Zimt oder von Kürbiskernöl mit Vanilleglace Crème d’Or: Sélection garantiert unerwartete Genussmomente.

Mehr Informationen zu den Sélection Produkten und weitere Inspiration finden Sie unter http://selection.migros.ch.

Über Migros Sélection
Ob im Alltag oder zu speziellen Gelegenheiten: Jedes der sorgfältig ausgewählten Produkte von Sélection bietet ein einzigartiges Genusserlebnis. Für alle, die wissen, was gut ist.

Für weitere Informationen:

Mediensprecherin Migros

Monika Weibel
Tel.044 277 20 63

monika.weibel@mgb.ch

Kontakt für Kunden

M-Infoline
Montag bis Freitag 08.00 – 18.00 Uhr
Samstag: 08.30 – 16.30 Uhr
Limmatstrasse 152
CH-8031 Zürich
Tel.0800 84 08 48

Zum Kontaktformular

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Migros Sélection überrascht Zürcherinnen und Zürcher

Migros Sélection überrascht Zürcherinnen und Zürcher

EROSKI inaugura el primer supermercado en Navarra en 2015

 

  • La cooperativa cuenta con 125 establecimientos en la comunidad foral
  • Las compras de EROSKI en la comunidad foral superaron los 207 M€ en 2014

Cortes, España, 2015-7-10 — /EPR Retail News/ — EROSKI ha inaugurado hoy un supermercado franquiciado con la enseña EROSKI/city en la calle San Miguel, número 15, de Cortes (Navarra). Se trata del primer establecimiento abierto en Navarra por la cooperativa en 2015.

El supermercado dispone de 5.000 productos de marcas de fabricantes líderes, marca propia y productores locales para garantizar la libertad de elección de los consumidores. Asimismo, cuenta con una amplia oferta de alimentos frescos, especialmente frutas y verduras locales de temporada, en sus más de 340 metros cuadrados. Las referencias saludables también ganan peso con un surtido más amplio. Las secciones de carnicería, pescadería y charcutería ofrecen un trato personalizado y asesoramiento profesional a los clientes gracias a la venta asistida en mostrador. El supermercado dispone de horno propio, para garantizar la frescura de los productos de panadería elaborados diariamente.

Las ofertas y promociones se sucederán cada mes para favorecer el ahorro de los consumidores. Una apuesta por el ahorro que tiene su máximo exponente en EROSKI Club, el nuevo programa de relación de los Socios-Cliente con la marca, que ofrece descuentos hasta del 15% en más de 2.500 productos, así como promociones y ofertas exclusivas, además de todas las ventajas del programa Travel Club.

La apertura ha supuesto la creación de ocho puestos de trabajo. La plantilla ha recibido 300 horas de formación. “En un momento en el que el paro es el principal problema en nuestro entorno, la franquicia es una fórmula exitosa para la generación de empleo. Nuestra cultura cooperativa de autogestión encaja perfectamente con la filosofía de los emprendedores que apuestan por la creación de su propia empresa y buscan el respaldo de profesionales de amplia experiencia y una marca de confianza”, ha explicado Enrique Martínez, director de franquicias de EROSKI.

Productos locales

La política comercial de EROSKI es potenciar al máximo las economías locales para crear riqueza en el entorno contribuyendo al desarrollo agroalimentario y económico-social. En este sentido, la cooperativa comercializa más de 3.000 referencias de proveedores navarros. Las compras de EROSKI en la comunidad foral fueron superiores a los 207 millones de euros el pasado año. Los productos locales, y en especial todos los alimentos frescos de temporada, cuentan con un protagonismo preferencial en el modelo de tienda “contigo” que EROSKI está implantando en sus establecimientos.

EROSKI cuenta con 125 establecimientos en Navarra: 2 hipermercados, 82 supermercados, 3 gasolineras, 14 oficinas de viajes, 20 perfumerías If, 3 establecimientos de material deportivo Fórum Sport y 1 óptica.

Premio Nacional a la Mejor Franquicia de Comercio

EROSKI ha recibido el Premio Nacional a la Mejor Franquicia de Comercio en la última edición del Salón Internacional de Franquicias (SIF) celebrado en Valencia.

Con la apertura de este nuevo supermercado franquiciado en Cortes EROSKI afianza su plan de expansión a través del modelo de franquicia. “Avanzamos según lo definido en nuestro Plan Estratégico, gracias a un equipo muy especializado de personas volcadas en asesorar al franquiciado tanto en las fases de estudio y definición del proyecto y lanzamiento de las nuevas tiendas, como en el seguimiento de la actividad en los supermercados franquiciados ya consolidados”, concluye Martínez.

902 540 340
de lunes a sábado,
9:00 a 22:00

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EROSKI inaugura el primer supermercado en Navarra en 2015

EROSKI inaugura el primer supermercado en Navarra en 2015

 

Die Kult-Glace der Migros feiern diesen Sommer ihr 40-Jahr-Jubiläum

Zürich, Switzerland, 2015-6-9 — /EPR Retail News/ — Die Kult-Glace der Migros feiern diesen Sommer ihr 40-Jahr-Jubiläum. Seit 1975 sorgen die Glace mit Seehund, Bär und Affe für strahlende Gesichter bei Jung und Alt.

Seehund, Bär und Affe: Die Kult-Glaces der Migros feiern Geburtstag

Man merkt ihnen die vierzig Jahre nicht an: Der Seehund, der Affe und der Bär, sie alle sehen heute noch genauso aus wie 1975, als sie zum ersten Mal die Migros-Glace-Verpackungen zierten. Diese drei Tiere sind für viele Schweizerinnen und Schweizer mehr als nur ein Verpackungsdesign, sie sind untrennbar mit Kindheitserinnerungen verbunden.

Zum 40. Geburtstag sind die Glace in einer speziellen Jubiläumsverpackung erhältlich. Zudem läuft momentan ein grosser Fotowettbewerb zum Geburtstag, bei dem viele exklusive Preise zu gewinnen sind. Mitmachen kann ganz einfach, wer ein kreatives Foto von sich oder seinen Kindern zusammen mit den Kult-Tieren auf www.migros.ch/glace-klassiker hoch lädt oder mit Hashtag #MigrosGlace auf Facebook, Instagram oder Twitter postet.

Der Vater dieser Kult-Produkte, der Zürcher Hans Uster, wurde 1975 Chef der neuen Migros-Abteilung „Verpackung Kreativ“. Als eine seiner ersten Arbeiten für die Migros gestaltete er die mittlerweile legendären Glace-Verpackungen, die noch heute in fast identischer Form im Kühlregal stehen.

Die Kult-Glace werden von der Midor AG in Meilen hergestellt. Damit gehören sie zu den rund 10‘000 Migros-Produkten, die von Migros-Mitarbeitenden in Betrieben der M-Industrie in der Schweiz hergestellt werden. Weitere Informationen zur Migros-Initiative „Von uns. Von hier“ finden sich auf www.vonunsvonhier.ch; Produkte mit den Tiersujets vom Badetuch über die Flip-Flops bis zum Necessaire gibt es auf www.m-fanshop.ch.

Textmaterial

Videomaterial:

Bildmaterial

Für weitere Informationen:

Migros-Genossenschafts-Bund
Mediensprecher
Luzi Weber
Tel. 044 277 20 66 / 076 366 96 36
Fax 044 277 23 33
luzi.weber@mgb.ch

Midor AG
Leiterin Unternehmenskommunikation
Esther Leuenberger
Tel. 044 925 82 89
esther.leuenberger@midor.ch

Kontakt für Kunden
M-Infoline

Montag bis Freitag 08.00 – 17.00 Uhr
Samstag: 08.30 – 12.30 Uhr
Limmatstrasse 152
CH-8031 Zürich
Tel. 0848 84 08 48
Zum Kontaktformular

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Die Kult-Glace der Migros feiern diesen Sommer ihr 40-Jahr-Jubiläum

Die Kult-Glace der Migros feiern diesen Sommer ihr 40-Jahr-Jubiläum

BRC-KPMG: Online sales of Non-Food products in UK grew 12.3% in March versus a year earlier

– Online sales of Non-Food products in the UK grew 12.3% in March versus a year earlier, when it had risen by 12.8% over the previous year. This month’s growth is the best since October 2014 and is in line with the 12-month average of 12.1%. In March 2015, online sales represented 17.6% of total Non-Food sales, against 16.9% in March 2014.

– Furniture, a category which typically performs well at Easter, achieved its best performance since the inception of this monitor in December 2012 and was second fastest growing category online. This was followed closely by Toys & Baby Equipment which benefited from the school half term.

– Online sales contributed 1.4 percentage points to the growth of Non-Food total sales in March. Thanks to the preference for store shopping over Easter, the 3-month average contribution of stores to Non-Food growth exceeded that of online for the first time since August 2014.

LONDON, 2015-4-15 — /EPR Retail News/ — Helen Dickinson, Director General, British Retail Consortium, said: “Branded goods proved popular in March with consumers buying in the new ranges. With full price items whizzing off the online shelves this questions the view that people mainly shop online purely to get a bargain. We are seeing an interesting trend with brands seeking to be sold through retailers’ established high quality websites, leveraging their success with consumers.

“The steady advance of online sales and the continuation of a strong penetration rate is good for retailers with an online presence, considering people tend to spend more of their money on the high street in the run up to Easter. Furniture sales did particularly well reflecting consumer confidence in investing in big ticket items. As we move into Spring retailers will view March’s online figures as highly promising.”

David McCorquodale, Head of Retail, KPMG, said: Good weather and the long Easter break saw shoppers choose shops over screens as they hit the high street and enjoyed the sunshine.

Many retailers used this trend to their advantage, launching digital campaigns to drive footfall in stores by tempting shoppers in with emails promoting new ranges and money off vouchers.

This demand led approach proves that online and in store are simply two sides of the same coin for a successful retailer.

British Retail Consortium, 21 Dartmouth Street, Westminster, London, SW1H 9BP. 020 7854 8900. info@brc.org.uk.

Rite Aid Corporation announces intention to offer $1.8 billion aggregate principal amount of senior unsecured notes due 2023

CAMP HILL, Pa, 2015-3-19 — /EPR Retail News/ — Rite Aid Corporation (NYSE: RAD) announced today its intention to offer $1.8 billion aggregate principal amount of senior unsecured notes due 2023 (the “Notes”). Rite Aid intends to use the net proceeds of the offering, together with other available cash, to fund the cash portion of the consideration and related fees and expenses payable by Rite Aid to equity holders of Envision Pharmaceutical Services (“EnvisionRx”) upon closing of Rite Aid’s previously announced acquisition of EnvisionRx. In the event the acquisition is not completed, Rite Aid has the ability to use the net proceeds to refinance certain of its existing indebtedness or to redeem the Notes.

The Notes will be unsecured, unsubordinated obligations of Rite Aid and will be fully and unconditionally guaranteed, jointly and severally, on an unsubordinated basis, by substantially all of Rite Aid’s subsidiaries, and, upon completion of the acquisition, by EnvisionRx and certain of its domestic subsidiaries.

The acquisition is expected to close by September 2015, subject to regulatory approvals and other customary closing conditions.

The offering of the Notes is subject to market and other customary closing conditions, and is not conditioned upon the completion of the acquisition. There can be no assurance that the acquisition will be completed on the terms described herein or at all.

The Notes and the related subsidiary guarantees will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. The Notes and the related subsidiary guarantees have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Rite Aid is one of the nation’s leading drugstore chains with 4,570 stores in 31 states and the District of Columbia and fiscal 2014 annual revenues of $25.5 billion.

FORWARD-LOOKING STATEMENTS   

Statements, including those regarding the impact of the transaction contemplated hereby on Rite Aid’s future financial performance, in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, Rite Aid’s ability to complete the acquisition of EnvisionRx and realize the benefits of the transaction, EnvisionRx’s ability to meet its projected 2015 revenue and EBITDA targets, our high level of indebtedness and our ability to make interest and principal payments on our debt and satisfy the other covenants contained in our debt agreements, general economic, market, industry and competitive conditions, the risk that EnvisionRx’s business will not be successfully integrated with Rite Aid’s business, costs associated with the merger, delays and other matters arising in connection with the parties’ efforts to comply with and satisfy applicable regulatory approvals and closing conditions relating to the transaction, risks associated with the financing of the transaction, other events that could adversely impact the completion of the transaction, our ability to improve the operating performance of our stores in accordance with our long term strategy, the impact of private and public third-party payers continued reduction in prescription drug reimbursements and efforts to encourage mail order, our ability to manage expenses and our investments in working capital, outcomes of legal and regulatory matters and changes in legislation or regulations, including healthcare reform. These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

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Contact:

Investors: Matt Schroeder 717-214-8867 or investor@riteaid.com

Media: Susan Henderson 717-730-7766

Target Corporation to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co.

Target Canada takes steps to ensure a fair and orderly exit, seeks Court approval to begin liquidation process under the CCAA Company provides update on fourth quarter performance in the U.S.

MINNEAPOLIS, 2015-1-16 — /EPR Retail News/ — Today Target Corporation (NYSE:TGT) (the “Company”) announces that it plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co. (“Target Canada”). As a part of that process, this morning Target Canada filed an application for protection under the Companies’ Creditors Arrangement Act (the “CCAA”) with the Ontario Superior Court of Justice (Commercial List) in Toronto (the “Court”).

“When I joined Target, I promised our team and shareholders that I would take a hard look at our business and operations in an effort to improve our performance and transform our company. After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021. Personally, this was a very difficult decision, but it was the right decision for our company. With the full support of Target Corporation’s Board of Directors, we have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our U.S. business,” said Brian Cornell, Target Corporation Chairman and CEO.

Target Canada currently has 133 stores across the country and employs approximately 17,600 people. To ensure fair treatment of Target Canada employees, Target Corporation is seeking the Court’s approval to voluntarily make cash contributions of C$70 million (approximately US$59 million) into an Employee Trust. Upon approval by the Court, the proposed trust would provide that nearly all Target Canada-based employees receive a minimum of 16 weeks of compensation, including wages and benefits coverage for employees who are not required for the full wind-down period. Target Canada stores will remain open during the liquidation process.

As part of its application, Target Canada is seeking the appointment of Alvarez & Marsal Canada as Monitor in the CCAA proceedings to oversee the liquidation and wind-down process for Target Canada and its subsidiaries. Subject to Court approval, Target Corporation has committed to provide a US$175 million debtor-in-possession credit facility to finance Target Canada’s operations during the CCAA proceedings. Target Canada is also seeking Court approval to engage Lazard to advise Target Canada in connection with the sale of its real estate assets.

“The Target Canada team has worked tirelessly to improve the fundamentals, fix operations and build a deeper relationship with our guests. We hoped that these efforts in Canada would lead to a successful holiday season, but we did not see the required step-change in our holiday performance,” said Cornell. “There is no doubt that the next several weeks will be difficult, but we will make every effort to handle our exit in an appropriate and orderly way.”

As a result of the CCAA filing, Target Corporation has determined that Target Canada and its subsidiaries will be deconsolidated from Target Corporation’s financial statements as of the date of the filing.  Target Corporation expects to report approximately $5.4 billion of pre-tax losses on discontinued operations in the fourth quarter of 2014, driven primarily by the write-down of the Corporation’s investment in Target Canada, along with costs associated with exit or disposal activities and quarter-to-date Canadian Segment operating losses prior to today’s filing. Target Corporation expects to report approximately $275 million of pre-tax losses on discontinued operations in fiscal 2015.

Target Corporation’s cash costs to discontinue Canadian operations are expected to be $500 million to $600 million, most of which will occur in the Company’s 2015 fiscal year or later. The Company has sufficient resources to fund these expected costs, including cash on hand and ongoing cash generation by its U.S. business.

Target Corporation expects this decision will increase its earnings in fiscal 2015 and beyond, and increase its cash flow in fiscal 2016 and beyond.

As a result of the decision announced today, Target Corporation will operate as a single segment that includes all U.S. operations. Beginning with the Company’s fourth quarter 2014 financial results, Target will report adjusted earnings per share reflecting operating results from its U.S. operations, excluding discontinued Canadian operations, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the Company’s U.S. consumer credit card portfolio, net expenses related to the 2013 data breach, and the resolution of certain tax matters.

Target Corporation plans to provide additional information on the financial implications of this announcement in a Form 8-K to be filed with the Securities and Exchange Commission later today.

Update on expected fourth quarter U.S. performance

Based on performance through November and December, Target Corporation now expects to report fourth quarter 2014 U.S. comparable sales of approximately 3 percent, better than prior guidance of approximately 2 percent, driven primarily by increased traffic and stronger-than-expected digital sales. The Company expects to report fourth quarter adjusted EPS, reflecting results from continuing operations, of $1.43 to $1.47, about 6 cents ahead of expectations for U.S. Segment performance at the beginning of the quarter.

The Company is not able to provide an estimate of its expected fourth quarter 2014 GAAP EPS. However, GAAP results are expected to include:

  • Losses related to liquidation of Target Canada, as described above, net of taxes
  • Net expenses related to the 2013 data breach, which are not expected to be material
  • Impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the Company’s credit card portfolio, which is expected to reduce GAAP EPS by approximately 2 cents

Cornell and John Mulligan, Target Corporation’s Chief Financial Officer, will host a call with investors today, approximately two hours after the conclusion of the Court hearing of the CCAA application. Target Corporation will issue a press release following the Court hearing and post details for the call on target.com/investors under “Upcoming Events and Presentations.”

Miscellaneous

Statements in this release regarding expected earnings and cash flow and other financial impacts of exiting the Company’s Canadian operations, and fourth quarter 2014 sales and adjusted earnings guidance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the Company’s actual results to differ materially. The most important risks and uncertainties include those relating to the consequences of discontinuing Canadian operations and the risks described in Item 1A of the Company’s Form 10-K for the fiscal year ended February 1, 2014, as updated in the Company’s Form 10-Q for the quarter ended November 1, 2014.

The adjusted earnings per share expectation for fourth quarter 2014 excludes the items identified above.  The Company’s measure of adjusted earnings per share is not in accordance with, or an alternative for, generally accepted accounting principles in the United States.  The most comparable GAAP measure is diluted earnings per share.  Management believes adjusted EPS is useful in providing period-to-period comparisons of the results of the Company’s U.S. operations.  Adjusted EPS should not be considered in isolation or as a substitute for an analysis of the Company’s results as reported under GAAP.  Other companies may calculate adjusted EPS differently than the Company does, limiting the usefulness of the measure for comparisons with other companies.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

media contact

Dustee Jenkins
p: (612) 696-3400

John Hulbert, Investors
p: (612) 761-6627

media hotline

e: email
p: (612) 696-3400

We strive to return all media inquiries within one business day

Inspired by a runaway reindeer Sainsbury’s to divert bags of its leftover festive food to help feed herds of the animals across the UK

LONDON, 2014-12-17 — /EPR Retail News/ — A runaway reindeer has inspired Sainsbury’s to divert bags of its leftover festive food to help feed herds of the animals across the UK, helping to prepare them for their busiest season.

When a rare albino reindeer called Tinsel went missing from Freizeland Farm near Nuneaton shortly after arriving, colleagues at the nearby Sainsbury’s store wanted to help the new arrivals settle in by deer-livering a feast of their favourite foods.

Some other stores located close to reindeer farms were quick to follow suit and now a stag-gering number of crates of carrots, cauliflower and cabbage that are not suitable for humans but make perfect animal feed, are being donated to reindeer farms as part of Sainsburys’ scheme to re-distribute surplus food rather than going to waste.

Paul Wain, Sainsbury’s Fosse Park store manager, said: “We always ensure food that can’t be sold in store is used in the most efficient way as part of our commitment to sending no food waste to landfill. Wherever possible, we donate food still fit for consumption to charity, or use it as animal feed or for aerobic digestion.

“When Tinsel went missing the team rallied around to come up with ways to help, and we all agreed that giving him and his friend Holly a taste of our produce to help them settle into their new home would be great. We’re really pleased that other stores have also decided to make donations to reindeer across the country, before the Dancers and Dashers delight thousands of children, excited about an imminent visit from Father Christmas and his helpers.”

Nigel Ryley, Christmas Tree Farmer at Friezeland Farm, said: “We never expected our reindeer arrivals to make quite such a public entrance, but now Tinsel is back home and settling in well, it is fantastic that Sainsbury’s is offering to help give them a taste of their favourite foods with their hampers of veg. The small bottle of whisky thrown in to calm our nerves after the runaway ordeal is equally appreciated!”

Other farms that will receive a donation of surplus food include:

  • Blithbury Reindeer Lodge in Staffordshire
  • The Reindeer Centre in Kent
  • Cheshire Reindeer Lodge in Ellesmere Port
  • Riggmoor Reindeer & Co in North Yorkshire
  • Riverways Farm in Berkshire
  • Swansea Winter Wonderland

Sainsbury’s is committed to supporting food donation partners throughout the year and currently more than 300 of our stores have local food donation partnerships in place to donate fresh food still fit for consumption.

Friezeland Farm is open Monday – Friday, 09:00am – 5:00pm. There’s a chance for families to visit the Winter Wonderland Experience, as well as buy the perfect Christmas tree.

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Inspired by a runaway reindeer Sainsbury’s to divert bags of its leftover festive food to help feed herds of the animals across the UK

Inspired by a runaway reindeer Sainsbury’s to divert bags of its leftover festive food to help feed herds of the animals across the UK

Maxima Eesti owned by MAXIMA GRUPE starts construction of new logistics centre in Harjumma County in Estonia

Vilnius, Lithuania, 2014-10-1— /EPR Retail News/ — Maxima Eesti owned by MAXIMA GRUPE started the construction of a new logistics centre in Harjumma County in Estonia. The total area of the centre, the warehouse and the office will be about 45 thousand square meters and will cost over LTL 100 million. About 350 vacancies will be offered after the construction  is complete in the end of  2015.  On Friday the time capsule was buried at the construction site by Manager of Maxima Eesti Vaidotas Pacesa, the Minister of Economic Affairs and Infrastructure Urve Palo and representatives of Rae municipality and the building company.

‘The business logic and business development in Estonia during the last years became the result of the decision to build a new logistics centre. Until now the part of the storage services in Estonia were bought from local companies and the remaining goods were delivered from Lithuania and Latvia. The new  logistics center will lead to more efficient business development and a faster goods delivery to Maxima stores in Estonia, thus ensuring even greater freshness and quality of the products,’  said MAXIMA GRUPE General Director Neringa Janavičiute.

The new logistics center will be located next to Tallinn bypass road. The location is very convenient for both:  goods delivery by the partners and goods distribution to the stores across the country. ‘We are very pleased that the government, local authorities and business co-operate in the project of this scale developing the surrounding infrastructure and totally reconstructing Tallinn bypass road,’ said Maxima Eesti Managing Director Vaidotas Pacesa. According to him, the company will invest more than LTL 1.7 million in the infrastructure of Rae municipality next to the future logistics center. Maxima also supports local social projects.

The new logistics center will become a central warehouse complex in the country, which will serve all Maxima stores in Estonia. The center will consist of dry and frozen food warehouses, including 13 platforms for acceptance of goods, which will be able to serve about 300 trucks a day. Modern solutions will be implemented in the object:  a special warehouse management system and a temperature controlled goods storage. This will be one of the largest logistics centers built in the country at the same time.

The new logistics center was designed by Nord Projekt As, the general contractor of the project is AS Ehitusfirma Rand  ja Tuulberg, author supervision is performed by As Telora-E. Currently there are 71 Maxima stores operating in Estonia and their number is going to be increased up to 73 by the end of the current year.

Retail companies operating in Lithuania, Latvia, Poland and Bulgaria controlled by MAXIMA GRUPE use their own and leased logistics centers. The warehouse area in Lithuania is over 100 thousand square meters, in Latvia – over than 60 thousand square meters. After this logistics project is implemented in Estonia, the warehouse area of the company in this country will increase to 45 thousand square meters.

MAXIMA GRUPE is a holding company set up in 2007, managing retail companies in Lithuania, Latvia, Estonia, Poland and Bulgaria. In all the countries MAXIMA GRUPE operates 511 stores: Maxima X, Maxima XX, Maxima XXX, Aldik, T-Market. Lithuania operates 228 stores, Latvia – 145, Estonia – 71, Bulgaria – 42, Poland – 25.  In 2013 the turnover of consolidated MAXIMA GRUPE was LTL 8.699 billion excluding VAT.

New Zealand: Foodstuffs North Island sold their Adelaide Road site in Newtown to Ryman Healthcare

Foodstuffs North Island has announced they have sold their Adelaide Road site in Newtown to Ryman Healthcare.

Auckland, New Zealand, 2014-7-4 — /EPR Retail News/ — Foodstuffs bought the site in November 2009 from Tip Top as a potential development site but following a strategic review of the portfolio, Foodstuffs determined the property was surplus to its future requirements, says Angela Bull General Manager of Property Development Foodstuffs North Island.

“After investigating a range of options for the site, we are pleased to have been able to work with Ryman Healthcare to achieve a great result for both the property and the Wellington community,” says Bull.

Ryman Healthcare will develop the 600m sq site into a boutique retirement village for the wider South Wellington community.

Ryman Healthcare managing director Simon Challies said the new village would include independent and serviced apartments, as well as hospital and dementia care.

“Newtown is a vibrant part of Wellington with a strong sense of community and we’re delighted to be building there.’’

Ryman are currently working on design concepts but it is too early to say what the final scheme will look like or when a construction start date is likely.

—- ENDS —-

Sainsbury’s Bank plc now wholly owned subsidiary of Sainsbury’s

London, UK, 2014-2-3 — /EPR Retail News/ — Following the announcement on 8 May 2013 that Sainsbury’s would acquire the remaining 50 per cent shareholding in Sainsbury’s Bank plc from Lloyds Banking Group, Sainsbury’s confirms that the transaction completed on 31 January 2014.

Sainsbury’s Bank plc is now a wholly owned subsidiary of the Company and will be fully consolidated within its accounts from 31 January 2014.

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Sainsbury's Bank plc now wholly owned subsidiary of Sainsbury's

Sainsbury’s Bank plc now wholly owned subsidiary of Sainsbury’s

 

Stop & Shop announced it recalls Velveeta Cheesy Skillet Singles due to undeclared allergen

Purchase, NY & Quincy, MA, US, 2014-1-23 — /EPR Retail News/ — Following a recall by Kraft Foods, Stop & Shop announced it removed from sale Velveeta Cheesy Skillet Singles Ultimate Cheeseburger Mac due to an undeclared allergen, soy, on the ingredient label. This product is safe to consume for individuals who do not suffer from a soy allergy.

The following product is included in this recall:

  • Velveeta Cheesy Skillet Singles Ultimate Cheeseburger Mac, 9 oz., UPC2100004329 with sell by dates of March 2, 2014 – October 23, 2014

Stop & Shop has received no reports of illnesses to date. People who have an allergy or severe sensitivity to soy may run the risk of serious or life-threatening allergic reaction if they consume this product. Symptoms of food allergies typically appear from within a few minutes to two hours after a person has eaten the food to which he or she is allergic. Allergic reactions can include: hives; flushed skin or rash; tingling or itchy sensation in the mouth; face, tongue, or lip swelling; vomiting and/or diarrhea; abdominal cramps; coughing or wheezing; dizziness and/or lightheadedness; swelling of the throat and vocal cords; difficulty breathing; loss of consciousness.

Customers who have purchased the product should discard any unused portions and bring their purchase receipt to Stop & Shop for a full refund.

Consumers looking for additional information on the recall may call Kraft Foods at 800-396-5512. In addition customers may call Stop & Shop Customer Service at 1-800-767-7772 for more information. Customers can also visit the Stop & Shop website at www.stopandshop.com.

About Stop & Shop
The Stop & Shop Supermarket Company LLC employs approximately 60,000 associates and operates 398 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey. The company helps support local communities fight hunger, combat childhood cancer and promote general health and wellness – with emphasis on children’s educational and support programs. In its commitment to be a sustainable company, Stop & Shop is a member of the U.S. Green Building Council and EPA’s Smart Way program; has been awarded LEED (EB) certifications for 54 of its existing stores; and has been recognized by the EPA for the superior energy management of its stores. Stop & Shop is an Ahold company. To learn more about Stop & Shop, visit www.stopandshop.com or www.facebook.com/stopandshop.

Contact:

Arlene Putterman
Stop & Shop NY Metro Division
914-251-2834
arlene.putterman@stopandshop.com

Lindsay Hawley
Stop & Shop New England Division
617-276-7756
lhawley@webershandwick.com