Trans World CEO Withdraws Offer to Buy Company
Albany, NY Trans World Entertainment Corp. chairman and CEO Robert J. Higgins has withdrawn his proposal to buy out other shareholders and take the retailer private. The proposal was first announced in November 2007.
Higgins told 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” needed to acquire the company, according to a statement.
JPMorgan to invest in Target credit card business
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.
Nomoto named Sunkist Global managing director
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.