MINNEAPOLIS, June 9 /PRNewswire-FirstCall/ -- Target Corporation
(NYSE: TGT) announced today that, effective in late July, it will close nine
locations in the Twin Cities market currently operated as Mervyn's stores. The
locations are being sold to The May Department Stores Company. These nine
Minnesota stores are the only 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.
Mervyn's employs approximately 780 team members in Minnesota. All team
members affected by the store closings will be eligible for severance pay,
based on length of service. Many of the affected team members will have an
opportunity to interview for open positions at Target stores within the Twin
Cities market or to transfer to other Mervyn's locations outside the Twin
Cities area.
Target Corporation announced in March that it was undertaking a strategic
review of Mervyn's, including, but not limited to, the possible sale of
Mervyn's as an ongoing business to an existing retailer or other qualified
buyer. This review is continuing in line with its expected timetable, and
additional information regarding this review is expected to be available
within 60 to 90 days.
Information regarding the sale of Marshall Field's to The May Department
Stores Company is contained in a separate release.
In addition to Mervyn's and Marshall Field's, Target Corporation operates
Target Stores, a large-store, general-merchandise, discount format consisting
of 1,249 stores in 47 states, as well as an on-line business called
target.direct.
Forward-looking statements contained in this release should be read in
conjunction with the cautionary statements in Exhibit (99)C to the company's
2003 Form 10-K.
Target Corporation news releases are available at http://www.target.com or
http://www.prnewswire.com .
SOURCE Target Corporation
-0- 06/09/2004
/CONTACT: investor, Susan Kahn, +1-612-761-6735, financial media, Cathy
Wright, +1-612-761-6627, +1-312-781-2979, or media, Carolyn Brookter,
+1-612-696-6557, all of Target Corporation/
/Web site: http://www.target.com /
(TGT)
