FINANCE

Target refinances credit agreement

BY Staff Writer

New York City — Target Corp. secured a new $2.25 billion unsecured credit facility, the retailer disclosed Friday in a filing with the Securities and Exchange Commission.

Target could borrow up to as much as $500 million under the credit agreement. The agreement with Bank of American and Citibank will expire in October of 2016 unless it is extended.

The current facility replaces a prior $2 billion credit agreement.

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FINANCE

RILA opposed to national sales tax; would stunt consumer spending

BY Staff Writer

Arlington, Va. — With the presidential campaign in full swing and discussion of a new national sales tax as a component to tax reform being discussed, the Retail Industry Leaders Association (RILA) reiterated the strong opposition of the retail community to any sort of national sales tax or Value Added Tax (VAT).

“While the retail industry supports comprehensive tax reform and generally commends efforts to simplify and flatten the tax code, a national sales tax would neither improve federal tax policy nor jumpstart economic growth,” said. Katherine Lugar, executive VP for public affairs, RILA. “With two-thirds of our economy dependent on consumer spending, anything that stifles consumer activity would have severe economic consequences. A national sales tax or VAT would severely stunt consumer spending and ultimately dampen our country’s already fledgling economic recovery.”

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FINANCE

Pier 1 plans $100 million buyback

BY Staff Writer

Fort Worth, Texas — Pier 1 Imports plans to buy back up to $100 million of its common stock.

The chain said it had about 109.6 million outstanding shares as of Friday.

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