Home & Textiles Today Staff -- Home Textiles Today, June 24, 2002
Ames gets new financing approval
Ames announced that it has received interim court approval to amend its agreements with the current lenders of its DIP Credit Agreement, led by GE Capital as agent, and KRC Acquisition Corp., an affiliate of Kimco Realty Corp., for the sale and leaseback of certain of its properties. The new agreements, which have been filed with the U.S. bankruptcy court, will result in approximately $25 million in additional funds for Ames.
Texas latest Target for DC
As part of its long-term plan to double the number of DCs it operates over the next three years, Target Corp. will build a new distribution center in Midlothian, TX, to be completed by spring 2004. The 1.35-million-square-foot regional distribution center is expected to initially employ 500 people and will be located 20 miles south of Dallas/Fort Worth in TXI's RailPort Industrial Park, a 1,700-acre, dual-rail-served industrial park. The company currently operates 15 DCs in 14 states.
Seasons catalog gets more direct
The Seasons catalog will be weathering its own change this summer, as parent company Target Corp. plans to reposition and launch the catalog as Marshall Field's Direct in August. Target purchased the catalog, along with catalog titles Wireless, Signals and I Love a Deal, when it acquired the Rivertown Trading Company in 1998. On the website for the catalog group, www.giftcatalog.com, the company said that in the pages of the new catalog, "You'll find one home for superb gifts, leading fashions and decor designed with warmth and style." Visitors who join the mailing list for the new catalog will receive a 10 percent discount on their first purchases.
Mall of America starts 10th Year celebration
The Mall of America first opened its doors on Aug. 11, 1992, and 10 years later it is still going strong as more than 40 million people visit annually, spending an average of three hours at the mall. The Mall also has a 99 percent retail occupancy, with more than 520 stores. The Mall has kicked off its 10th Year Celebration with the opening of Cheval, an equestrian theatrical performance from the creators of Cirque du Soleil. Other events and giveaways will take place throughout the summer, and the Mall will celebrate its birthday from August 8 to 11 with celebrity appearances, an outdoor parade, birthday cake and more.
Mednick Talks to HTT about Online Trends for Textiles