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Target Corp. announced Thursday it is selling its Mervyn's business unit and retail stores for roughly $1.65 billion in cash to an investment consortium, which includes Sun Capital Partners; Cerberus Capital Management, L.P.; and Lubert-Adler/Klaff and Partners, L.P.

Washington Mutual said Thursday it would close all 53 of its commercial banking branches and lay off 850 people, bringing the number of layoffs the company has announced in the past week to nearly 3,400.

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