Cabela’s closes on $350 million securitization
SIDNEY, Neb. —Cabela’s Inc. announced that its Cabela’s Credit Card Master Note Trust successfully completed the sale of $350 million of Asset-Backed Notes, Series 2013-II.
“We are excited to announce the completion of our second term securitization during 2013, and we are very pleased with both the pricing and execution of this transaction,” said Tommy Millner, Cabela’s CEO. “Even with the recent volatility in interest rates, there was strong investor demand for the transaction, and we were able to upsize by $50 million. This transaction offers a good mix of fixed and floating rate funding. The execution of this transaction demonstrates the continued quality and strength of the Cabela’s CLUB Visa portfolio.”
Survey: Canadian shoppers not impressed with Target
NEW YORK —Canadian shoppers aren’t wowed by Target Corp., according to a customer-satisfaction rating survey by Forum Research. As reported in The Globe and Mail, the survey ranked Target at the bottom of a list of major retailers operating in Canada. (Satisfaction as measured by the survey relates to service, prices and/or merchandise offering.)
Over all, Target scored a mean 2.7 out of 4, compared with Costco’s 3.5, Wal-Mart’s 3.1 and a 3.2 average.
Shoppers complain that Target stores have been short on inventory and that prices are higher than those at outlets across the border, the report said.
“There was a lot of hype before Target entered the country,” Forum president Lorne Bozinoff said in the report. “Now that people have shopped there, I think there is a bit of a letdown.”
Staples incentivizes consumers to recycle
FRAMINGHAM, Mass. — Staples is generating traffic to its brick-and-mortar stores with its ink and toner cartridge recycling program. Since 2005, it has recycled 350 million ink and toner cartridges, averaging more than 60 million cartridges per year for the past three years.
The program incentives customers to recycle by offering them $2 back in Staples Rewards per recycled cartridge, with a limit of 10 per month. Consumers drop off used cartridges at any Staples retail location and Ink Recycling Rewards can be used to buy almost anything from Staples, in-store or online. In addition to recycling rewards, Staples Rewards members receive free shipping from Staples.com and 5% back on all purchases.
“Staples is America’s number one choice for ink and toner, in part because of our great cartridge recycling program,” said Mark Buckley, VP, environmental affairs, Staples. “As the largest retail recycler of ink and toner in North America, Staples is thrilled to be the first to reach this milestone, as we help customers reduce their environmental footprint and save money at the same time. Staples makes it easy to find replacement ink and toner, with fast, free delivery on Staples.com and knowledgeable associates to assist with in-store purchases.”
Through the cartridge recycling program, Staples has recycled 182 million pounds of plastics and metals, roughly the equivalent weight of an aircraft carrier or 400 times the Statue of Liberty. The cartridge recycling milestone is just one of several environmental accomplishments for Staples, which announced last month it reached 500 facilities certified by the U.S. Environmental Protection Agency’s Energy Star program.