FINANCE

Target to sell credit card business to TD Bank

BY Katherine Boccaccio

Minneapolis — Target Corp. said Tuesday it will sell its $5.9 billion credit card portfolio to TD Bank Group.

The business will be sold for an amount equal to the gross value of the outstanding receivables at the time of closing, said Target; the portfolio currently has a gross value of about $5.9 billion.

TD Bank also agreed to a seven-year deal to underwrite, fund and own the retailer’s future credit card and Visa receivables in the U.S.

Target said in January 2011 that it planned to sell its credit card business, but delayed those plans at the beginning of 2012. Then, a week ago, Target chairman and CEO Gregg Steinhafel said the company expected to find the right buyer for the business by the end of the year.

“This transaction achieves all of Target’s strategic and financial goals for a portfolio sale,” Steinhafel said in Tuesday’s statement.

The transaction is expected to close in the first half of 2013.

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REAL ESTATE

Bettie Page opens in Boston

BY Marianne Wilson

Las Vegas — Tatyana Designs opened its 10th Bettie Page store, on Newbury Street in Boston.

“We are confident that our new Boston location will track the success of our other nine company-owned outlets all located in prime ‘street’ or up-scale mall locations. We are looking at additional East Coast locations as we aggressively pursue our growth strategy," said Tatyana Designs co-CEO Jan Glaser.

Bettie Page, which targets 18-35 year-old, fashion-conscious women, specializes in contemporary designs inspired by the 1950’s and the iconic pin-up star Bettie Page.

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OPERATIONS

Kate Spade New York announces new brand, new store

BY Katherine Boccaccio

New York — Kate Spade New York said Tuesday it is unveiling a new apparel and accessories brand, Kate Spade Saturday, which will officially launch in Japan in February 2013 through e-commerce at Saturday.jp and a flagship store in Tokyo.

The company said the brand, which is based on the spirit of Saturday seven days a week, is expected to launch exclusively online at www.saturday.com in the U.S. in spring 2013. A selection of product from the spring 2013 launch collection will be sold on fab.com prior to the U.S. launch.

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“Through ongoing research, we saw an opportunity in the market to engage a new customer base – one that aspires to be a part of the Kate Spade New York brand. Kate Spade Saturday is born from the core values of Kate Spade New York, but is realized in a new and exciting way for this younger customer," says Craig Leavitt, CEO of Kate Spade New York.

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