Target to decide on credit card receivables by spring
December 19, 2007,
Minneapolis – Target Corp. said it now plans to announce a decision on “alternative ownership structures” for its credit card receivables portfolio in the first calendar quarter of 2008.
Major shareholder Pershing Square Capital Management last July reported that it had amassed 9.6% of outstanding common shares of Target stock, and its managing member William Ackman offered a range of steps for the retailer to raise its share price – including the possibility of spinning off its credit card receivables. Target on Sept. 12 said it had launched a review of that idea.
Target today projected increased earnings before taxes from the portfolio through 2008.
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