OPERATIONS

Wal-Mart set to hire vets

BY Staff Writer

Bentonville, Ark. – Wal-Mart has launched an initiative to hire any honorably discharged US military veteran within the first 12 months after they have been on active duty. Through a program dubbed Veterans Welcome Home Commitment, Wal-Mart anticipates hiring more than 100,000 veterans by 2018.

"Hiring a veteran can be one of the best business decisions you make," said Bill Simon, Wal-Mart U.S. president and CEO (and veteran of the U.S. navy). "We believe Wal-Mart is already the largest private employer of veterans in the country, and we want to hire more."

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FINANCE

GE Capital is administrative agent on credit facility for Lord & Taylor

BY Staff Writer

Norwalk, Conn. — GE Capital announced it is administrative agent on a $550 million senior secured credit facility for Lord & Taylor, a leading North American retailer. The proceeds will be used to refinance debt, support ongoing working capital needs and for other corporate purposes.

GE Capital also provided the company with interest rate risk management products and services. GE Capital Markets served as joint lead arranger and book runner.

“The customer focus and retail expertise of the GE team is apparent,” said Michael Culhane, CFO for Lord & Taylor, which operates 49 stores and is a wholly owned subsidiary of Hudson’s Bay Company. “They worked hard to provide the right financing products and services to allow us to optimize our capital structure.”

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OPERATIONS

RetailMeNot upgrades Android app

BY Staff Writer

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Austin, Texas – Digital coupon provider RetailMeNot Inc. is now including location-based offers in its free Android app. Users can either receive notifications of in-store coupons when they cross a GPS boundary line, find coupons for stores in nearby malls, or display their smartphone at checkout to receive discounts from the cashier.

"We’re excited to provide a superior user experience for deal hunters using our updated and free RetailMeNot Android coupons app," said Jag Bath, senior VP of product, RetailMeNot Inc. "The new location based offers technology will help a huge population of mobile users save money on products that they buy at hundreds of malls across the United States where they shop on a frequent basis.

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