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Target said deal with TD Bank will profitably grow credit card portfolio

BY Alaric DeArment

MINNEAPOLIS — Target Corp. has sold its consumer credit card portfolio to TD Bank Group for $5.7 billion, the mass merchandise retailer said.

Target said that under the seven-year deal, TD Bank will underwrite, fund and own future Target Credit Card and Target Visa receivables in the United States, control risk management policies and oversee regulatory compliance. Meanwhile, Target will perform account servicing functions and maintain the current integration between its financial services operations and retail operations; the agreement will have no effect on its 5% REDcard Rewards program.

"We’re pleased that we’ve completed the sale of our credit card portfolio," Target Corp. chairman, president and CEO Gregg Steinhafel said. "We look forward to working with TD Bank Group, a premier financial institution, to provide innovative financial products to our guests and profitably grow the portfolio over time."

The company said that president of financial and retail services Terry Scully would retire in March 2014 and move into a strategic advisory role starting on April 1, 2013. 

In other news, Ecolab chairman and CEO Douglas Baker and Yahoo! COO COO Henrique De Castro have been appointed to Target’s board of directors, effective immediately, the company said.


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MinuteClinic’s Sussman highlights the growing clinic model at London Healthcare Conferences

BY Antoinette Alexander

WOONSOCKET, R.I. — MinuteClinic president and SVP/associate chief medical officer of CVS Caremark, Andrew Sussman, traveled to London this week to discuss how MinuteClinic is improving care and access at substantially lower cost, the company has announced.

On Tuesday, Sussman participated in the “Innovation in Primary Care” panel at the Improving the Quality of Primary Care: An International Perspective Conference. The event was hosted by Lord Ara Darzi, director of the Institute of Global Health Innovation at Imperial College London’s Centre for Health Policy, and Sir David Nicholson, CEO of the National Health Service in England. The following day, Sussman took part in the “Innovation Goes Global” panel at the 2013 Healthcare Innovation Expo, an event that features some inspiring healthcare innovations and discussions with national and international healthcare experts.

"The innovations we are employing at MinuteClinic to deliver easily accessible, low cost, evidence-based care are applicable to health systems outside the United States," Sussman said.

MinuteClinic, which has 640 locations in 25 states, has been adding locations and increasing its scope of services to accommodate the increasing need for care.

With a growing shortage of primary care physicians, an increase in obesity and chronic disease, an aging population and an influx of newly insured Americans, MinuteClinic has been demonstrating the important role it plays in patient care in the United States. MinuteClinic has also been forging strategic clinical affiliations with healthcare systems across the United States, creating opportunities for a variety of collaborative programs.

"By establishing affiliations with health systems, we are ensuring the quality of care patients receive at our MinuteClinic locations is top-notch. These relationships include development of joint clinical programs and electronic medical records integration. Most importantly, they lay the groundwork for MinuteClinic’s participation in accountable care organizations, patient-centered medical homes and other integrated networks of care, all of which are growing rapidly nationwide,” Sussman said.


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New ‘Thomas & Friends’ DVD rolls into Walmart stores

BY Jason Owen

 NEW YORK — A new adventure from Thomas the Tank Engine and will be available exclusively at Walmart stores nationwide April 9, 2013.

The new DVD, Thomas & Friends: Railway Mischief, features five brand new episodes and a bonus, collectible “Calling All Engines” poster. There are also bonus features including a hide and seek game, a music video and a "Guess Who?" puzzle. 

The DVD will be sold for a suggested retail price of $14.98.

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