FINANCE

Sam’s Club Offers Membership Bonus, Free Stimulus Check Cashing

BY CSA STAFF

Bentonville, Ark. Sam’s Club on Wednesday said it will offer annual memberships for non-members and a $40 gift card for existing members with the purchase of select merchandise in its 593 clubs nationwide. In addition, Sam’s Club will also cash economic stimulus checks for members at no charge.

The Sam’s Club economic stimulus bonus membership and $40 gift card are available with the purchase of any one of a dozen certain items, beginning May 18 through May 31. Some of the featured items include BF Goodrich Tires, a Brighton Patio dining set, Serta Mattresses, a choice between two Samsung LCD TV models, a Blu-ray home theater system, a Nikon digital camera and other electronics.

Existing members who purchase any one of the special products may renew their membership with their $40 gift card, use it toward another purchase or pass it along to family or friends.

In a recent survey of 2,500 Sam’s Club Business Members, more than 70% report saving enough in just one month on their purchases to pay their annual membership fee.

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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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