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Higgins withdraws bid for Trans World Entertainment

BY CSA STAFF

ALBANY, N.Y. Trans World Entertainment announced today that Robert Higgins, its ceo and largest shareholder, has withdrawn his preliminary proposal to acquire the company, which proposal was first announced in November 2007, and that there are no other pending proposals by management and/or any third parties to acquire the company at this time.

In withdrawing his preliminary proposal, Higgins indicated to a special committee of the board of directors that continuing poor credit market conditions have substantially increased the costs and burdens of the debt financing that would be required to acquire the company.

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JPMorgan to invest in Target credit card business

BY CSA STAFF

MINNEAPOLIS Target has announced an agreement under which JPMorgan Chase would invest in Target’s credit card receivables. At closing Target would sell an undivided interest in its credit card receivables to JPMorgan Chase for cash proceeds of approximately $3.6 billion. This interest would represent approximately 47% of the principal amount of Target’s outstanding receivables at that time. This transaction is expected to close before the end of May.

This unique agreement accomplishes the goals set forth in the review of receivables ownership that we initiated on Sept. 12, 2007, said Doug Scovanner, evp and cfo of Target. It provides significant liquidity to Target from a single source unrelated to debt capital markets, provides an appropriate sharing of the portfolio benefits and risks between Target and JPMorgan Chase, and allows our guests to continue to benefit from the creativity and expertise of the world-class team at Target Financial Services. Most importantly, this innovative transaction marks the beginning of a long-term credit card relationship between Target and JPMorgan Chase, which we believe will create substantial financial and strategic rewards for both of us over time. 

On March 12, Target announced that it was in negotiations with an investment partner to sell an undivided interest in approximately half of Target’s credit card receivables for about $4 billion.

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Nomoto named Sunkist Global managing director

BY CSA STAFF

SHERMAN OAKS, Calif. Michael Nomoto, a veteran exporter from Southern California, has been named managing director of Sunkist’s global sourcing organization, Sunkist Global LLC. He replaces Mark Tompkins who was tapped earlier this year to lead Sunkist’s domestic fresh fruit sales network.

In his new position, Nomoto is responsible for securing production and folding it seamlessly into the Sunkist international sales and delivery network.

Nomoto is a 16-year veteran of Nishimoto Trading, whose U.S. operations are headquartered in Santa Fe Springs, California. As export manager, he procured U.S. grown produce, including citrus, vegetables and tropical fruit, for the Japanese and Chinese markets.

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