Staff Staff -- Furniture Today, May 19, 2008
Bon-Ton May Extend Alfaro to Home
Department store operator The Bon-Ton Stores has entered a license and design contract with Victor Alfaro for an exclusive branded collection, Victor by Victor Alfaro, that will launch in women's apparel and fashion goods — and may ultimately extend into home, the retailer said. The collection will be designed by Victor Alfaro; Bon-Ton will manage the sourcing, manufacturing, distribution and marketing. Victor by Victor Alfaro will launch in September in about 150 stores with a full marketing campaign.
Chase Buying Target Receivables
Upscale discounter Target will get a big cash injection of $3.6 billion by selling about half of its credit-card receivables to JPMorgan Chase, in the type of deal it was encouraged to explore by activist shareholder William Ackman last year. The bank will obtain some 47% of the Target portfolio of credit card receivables; the payout is based on performance of the portfolio during an initial five-year partnered stewardship. Target plans to use some of the proceeds to fund a previously announced share buyback program and make capital investments, thereby avoiding having to shop the "term debt capital markets."
Wal-Mart Offers Kay's Budgeting Tips
Wal-Mart has launched a website offering advice about how to stretch a dollar during tough times. The site, www.walmart.com/savemore, features tips from author and media personality Ellie Kay. "I'm pleased to share what I have learned from experience, so we can help families evaluate their spending and make smart, lasting decisions," said Kay. Wal-Mart merchants and consumers are allowed to contribute content to the site about how to spend wisely and save money. The site also will host podcasts and an interactive online chat with Kay later this spring.
Ikea Supplies Virtual Décor for Sims
Interactive game producer Electronic Arts next month will release an add-on to its "The Sims" series that will enable players to embellish their virtual homes with virtual Ikea furnishings. "The Sims 2 IKEA Home Stuff Packs," shipping to retailers on June 23, is the latest in the series. "Players of The Sims have asked for Ikea by name, and if you look at the living spaces they design, it reflects the style of IKEA," said Steve Seabolt, vp global brand development for The Sims.
Furniture Today's Ray Allegrezza Speaks with Stephen Bogart about Fine Furniture's New Bogart Line