WMT Walmart Inc

TARGET

Chain to Raise Its Minimum Wage

Target Corp. is raising the minimum wage for employees to $10 an hour, a person familiar with the matter said, as retailers face growing competition for lower wage workers.

The new hourly rate will match the minimum implemented earlier this year by rival Wal-Mart Stores Inc. for most U.S. workers. Target boosted starting pay to $9 an hour in 2015, after a similar increase by Wal-Mart.

Target had 341,000 full time, part time and seasonal workers as of Jan. 30. News of the company's latest pay increase was earlier reported by Reuters.

--Paul Ziobro

NEW AVON

CEO Is Recruited From Abbott Labs

New Avon LLC named Abbott Laboratories executive J. Scott White as its new chief executive as of next week, when he will be tasked with reinvigorating the former North American business of Avon Products Inc.

Last month, Avon and Cerberus Capital Management LP announced the closing of a deal in which the private-equity firm injected $435 million into the struggling beauty products company and carved out the North American business into a separate firm with an additional $170 million investment.

Mr. White, who will join New Avon April 25, most recently was president of Abbott Labs' international nutrition business. During his 10-year tenure at Abbott Labs, he also served as president of its North America nutrition business and other management roles.

--Tess Stynes

CARNIVAL

Cruises to Cuba Face Possible Delay

Carnival Corp. said plans to launch cruises to Cuba from the U.S. next month could be delayed if the island nation doesn't decide by May 1 to allow people born there to travel by boat to and from the country.

The cruise-ship operator, which is dual listed in the U.S. and Britain, said it is continuing discussions with Cuba to allow travel on its ships to be given the same status as air charters, which already can transport people born in Cuba in both directions. Carnival said it remains optimistic that Cuba will grant its cruises the same treatment.

--Tess Stynes

VESTIS RETAIL GROUP

Operator Makes Bankruptcy Filing

Vestis Retail Group LLC, the operator of Eastern Mountain Sports and Bob's Stores, filed for bankruptcy on Monday with plans to shutter its Sport Chalet stores.

The company plans to restructure around the more stable brands -- Eastern Mountain, a seller of outdoors and camping gear, and apparel and footwear retailer Bob's Stores -- with the possibility that the two chains will remain in the hands of private-equity backer Versa Capital Management.

Versa, which acquired each of the struggling legacy chains separately and combined them under the same parent, has made an offer to hold on to its stake, according to papers filed Monday in U.S. Bankruptcy Court in Wilmington, Del.

The Philadelphia firm will serve as the stalking horse, or lead, bidder and said it would pay $1.5 million for the stores that will stay open and will also forgive $35 million in debt and other liabilities, court papers show.

--Lillian Rizzo and Jacqueline Palank

(END) Dow Jones Newswires

April 19, 2016 02:49 ET (06:49 GMT)

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