target corp (TGT) Key Developments
Target Corporation Appoints Brian Cornell as Chairman of the Board of Directors and Chief Executive Officer, Effective August 12, 2014
Jul 31 14
Target Corporation announced that its Board of Directors has named seasoned retail and consumer products veteran Brian Cornell as the company's next chairman of the Board of Directors and chief executive officer, effective August 12. Cornell, 55, joins Target with more than 30 years of experience at some of the nation's leading retail and consumer product companies. As Target's new CEO, Cornell's top priorities will be accelerating the company's performance and advancing Target's omnichannel evolution. Cornell most recently served as the chief executive officer of PepsiCo Americas Foods where he oversaw the company's global food business. He was responsible for a portfolio that included Frito-Lay North America, Quaker Foods and all of PepsiCo's Latin America food and snack businesses.
Target Plans to Open Small-Format Store in St. Paul
Jul 22 14
Target has planed for new store in St. Paul's Highland Park. Target hopes to open it in 2015.
Target Opens its Small-Format Store, Christened TargetExpress
Jul 21 14
Target opened the doors to its small-format store, christened TargetExpress. Located near the University of Minnesota campus in Minneapolis, the new Dinkytown store totals only 20,000 square feet. That's roughly a one-tenth the size of a sprawling SuperTarget store, and one-sixth as large as a regular Target store. A typical Walgreens or CVS drugstore is 13,000 square feet. The store is a test for Target, which hopes the format can be successfully replicated elsewhere. It's also a response to Walgreens and CVS, which have been aggressively expanding their store base in urban areas and challenging the big-box discounters. Like the storied corner drugstore, the Dinkytown TargetExpress is on the first floor with apartments above. The store is at 1329 5th St. SE in Minneapolis. The store's assortment will look a bit like a drugstore, too: a pharmacy, health and beauty products, discretionary items like sunglasses, some home basics and some groceries, tailored to the student population around the U.
Target Corporation Announces Final Results of Tender Offers
Jul 16 14
Target Corporation announced the final results of its previously announced tender offers to purchase for cash up to $1,000,000,000 its notes and debentures, commenced on June 17, 2014 and expired at 11:59 p.m. New York City time, on July 15, 2014. The company has accepted for purchase $725,236,000.00 aggregate principal amount of notes validly tendered and not validly withdrawn. The company will pay aggregate total consideration and late tender offer consideration of $999,999,150.10 for the notes accepted for purchase. As further explained in the offer to purchase and related letter of transmittal, each dated June 17, 2014, the company accepted the notes for purchase in accordance with the 'acceptance priority levels'. The company accepted for purchase 100% of the notes at acceptance priority level 1. Due to oversubscription, the company accepted for purchase on a pro rata basis approximately 18% of the notes at acceptance priority level 2. The company has not accepted for purchase any of the notes at acceptance priority levels 3 through 6. The company expects to make payment for the applicable notes accepted for purchase in same-day funds on July 16, 2014. The notes not accepted for purchase will be promptly credited to the account of the registered holder of such notes with the depository trust company or otherwise returned in accordance with the tender offer documents. Holders of notes who validly tendered and did not validly withdraw their notes at or prior to 5:00 p.m., New York City time, on June 30, 2014 are eligible to receive the 'total consideration' for notes accepted for purchase. Holders of notes who validly tendered their notes after the early tender date but at or prior to the expiration date are eligible only to receive an amount equal to the ‘late tender offer consideration’ for notes accepted for purchase.
Target Corp. Announces Executive Appointments
Jul 7 14
Target Corp. named three new senior-level executives who will lead information technology, e-commerce and digital product teams at the company. Jim Fisher, hired to be senior vice president of infrastructure and operations, Target Technology Services, was previously senior vice president of global infrastructure operations at First Data Corp. Alan Wizemann, previously interim vice president of Target.com and mobile product, will oversee digital product teams in that position permanently. He was formerly a Target consultant and led the team on Cartwheel. David Weissman was hired to be president of El Segundo.