Dot-com departure at Target
Target announced that Steve Eastman, president of Target.com, left the retailer to pursue other opportunities. Eastman’s departure follows a late August relaunch of Target.com.
The relaunch process did not go smoothly as Target brought its online operations in house after a lengthy relationship with Amazon.com. Target’s goal was to reinvent the online environment and create a user-friendly and reliable experience, but that proved not to be the case initially as critics panned the site design and there were difficulties with functionality. Target involved 20 technology partners in the two year development process.
99 Cents Only same-store sales up 6.7% in Q2
Commerce, Calif. — 99 Cents Only Stores reported Friday that same-store sales for the second quarter rose 6.7%. The news comes just days after the discounter agreed to a $1.6 billion buyout by private equity firm Ares Management LLC and the Canada Pension Plan Investment Board.
Total revenue for the quarter ended Oct. 1 rose 8.8% to $363 million.
FacilitySource, receives $10 million in financing
Columbus, Ohio — Facility Source, a global provider of facility maintenance and management solutions to retailers, has received an investment of $10 million from BMO Capital Markets’ Mezzanine Fund.
This infusion of capital will allow FacilitySource to fund growth and strategic capital expenditures, including expansion of its offices in North America and Europe, continued investment in its software applications to support retail facility management solutions, as well as pursue potential strategic acquisitions.
“FacilitySource has been growing 25%-30% each year since we took our solution to market,” said company CEO, Bill Hayden. “The capital provided by BMO’s investment will allow us to double the capacity of our service optimization centers that support over two million helpdesk calls per year. We will also direct capital to drive innovations in the retail facility management industry — by creating new online applications and web-based communities to service our current and future clients.”