MINNEAPOLIS, Sep 2, 2004 /PRNewswire-FirstCall via COMTEX/ -- Target Corporation
(NYSE: TGT) announced today that it has completed the sale of its Mervyn's
retail subsidiary to an investment consortium including Sun Capital Partners,
Inc., Cerberus Capital Management, L.P., Lubert-Adler and Klaff Partners,
L.P., and completed the sale of Mervyn's credit card receivables to GE
Consumer Finance, a unit of General Electric Company. The aggregate
consideration of these transactions was approximately $1.65 billion in cash.
Mervyn's is a promotional, middle-market department store with 257 stores
in 13 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
will continue to operate from its headquarters in Hayward, California.
Following the sale of Mervyn's, Target Corporation will continue to
operate Target Stores, a large-store, general-merchandise, discount format
currently consisting of 1,272 stores in 47 states, as well as an on-line
business called Target.com.
Target Corporation news releases are available at http://www.target.com or
SOURCE Target Corporation
investors, Susan Kahn, +1-612-761-6735, or financial media,
Cathy Wright, +1-847-615-1538, or media, Carolyn Brookter, +1-612-696-6557,
all of Target Corporation