Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Target Sells Marshall Field's and 9 Mervyn's Stores
Jun 10, 2004
 Printable format
 Email this Article
 Search

Retail giant Target Corporation, based in Minneapolis, MN, U.S., said today it reached a definitive agreement to sell its Marshall Field's business unit to The May Department Stores Company for approximately U.S. $3.2 billion in cash.

Under the agreement, Target will sell substantially all the assets directly involved in its Marshall Field's business unit, including 62 Marshall Field's stores, three distribution centers, and approximately $600 million of Marshall Field's credit card receivables. All current Marshall Field's team members will be offered employment by The May Department Stores Company.

The deal also includes the sale of nine stores in the Minneapolis/St. Paul, MN, Twin Cities market that are currently operated as Mervyn's stores.

The transaction is expected to be completed shortly after regulatory approval is obtained.

Target describes Marshall Field's as a traditional department store emphasizing fashion leadership, quality merchandise, and superior guest service. It is headquartered in Minneapolis, operates 62 stores and employs approximately 25,000 team members in 8 states in the upper Midwestern U.S. In 2003, Marshall Field's produced revenues of $2.6 billion and pretax segment profit of $107 million.

The nine Minnesota stores are the only Mervyn's locations affected. Mervyn's is a promotional, middle-market department store, based in the San Francisco Bay area with 266 stores in 14 states, primarily in the west and south. In 2003, Mervyn's generated $3.6 billion in revenue and $160 million in pretax segment profit.

The nine Minnesota stores are the only Mervyn's locations affected. Mervyn's is a promotional, middle-market department store, based in the San Francisco Bay area with 266 stores in 14 states, primarily in the west and south. In 2003, Mervyn's generated $3.6 billion in revenue and $160 million in pretax segment profit.

Back to Daily News

 

Daily News

...........................................................

Dec 22, 2014: DOE's Building Technologies Office releases Roadmap for Emerging HVAC Technologies

Dec 19, 2014: Whirlpool Corp. provides guidance for 2015

Dec 19, 2014: Panasonic to showcase built-in appliances at LivingKitchen 2015

Dec 19, 2014: New residential construction in November 2014

Dec 19, 2014: 2014 U.S. steel production up 0.7% from 2013

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: Appliance Magazine Market Insight Annual Subscriptions
November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows