Z3 Sports Academy, a 17,000-square-foot sports training facility in Kapolei, filed for Chapter 11 bankruptcy reorganization this week. The filing was made Monday on the eve of an expedited trial in an eviction proceeding commenced by the landlord, AG Metric KTC Owner LLC.

The business, located at 2045 Lauwiliwili St. in the Kapolei Trade Center, estimated its assets at $100,001 to $500,000 and its liabilities in the same range. It is owned by Sebronzik Wright and his wife. The facility opened on May 26, 2014. It said in the filing that it has been beset by maintenance problems.

Z3 Sports listed its landlord as the largest creditor with an unsecured claim of $153,000 for a lease payment that is being disputed by Z3.

The business offers soccer, gymnastics, basketball, martial arts, cheerleading, football, tumbling, parent/toddler classes, batting cages and a sports day camp. It currently enrolls approximately 400 students.

Z3 Sports said in its filing that it has operated at a loss the past two years but anticipates being profitable this year. It projects gross revenue this year of between $575,000 and $690,000 after generating gross revenue of $247,000 in 2015 and $75,000 in 2014.

Heavy discounting squeezes Target’s profit

NEW YORK >> Target’s heavy discounting during the crucial holiday season squeezed fourth-quarter profits. But its trendy assortments and spiffed-up presentations induced shoppers to spend more.

The results, released Wednesday, show Target has made solid progress in reinvigorating its business and winning back shoppers. It initiated an aggressive plan to regain its cheap chic status in 2014 under new CEO Brian Cornell after a series of headline-grabbing setbacks, including a major debit and credit card breach that hurt sales and profits for months.

This past holiday season, Target battled it out with Wal-Mart Stores Inc. and online leader Amazon.com, heavily discounting goods, and brought back free shipping online. Traffic in stores rose and online sales surged 34 percent, after online sales jumped 30 percent in the quarter before.

Target earned $1.43 billion, or $2.32 a share, in the quarter ended Jan. 30. That compares with a loss of $2.64 billion, or $4.10 a share, in the year-ago period when the company incurred hefty charges related to its retreat from Canada.

Beijing now home to most billionaires

BEIJING >> Move over, New York City: Beijing is the new “Billionaire Capital of the World.”

The Chinese capital has overtaken the Big Apple as home to the most billionaires — 100 to 95 — according to Hurun, a Shanghai firm that publishes a monthly magazine and releases yearly rankings and research about the world’s richest people and their spending habits.

The study, which comes months after reports suggested China now has more billionaires than the United States, highlights how members of China’s elite are continuing to accrue vast wealth despite a cooling economy.

Beijing took the title from New York after minting 32 new billionaires last year, while New York gained four. Moscow came in third place with 66 billionaires.

On The Move

Servco Toyota Honolulu has announced the following new floor managers for its Mapunapuna dealership:

>> Brandon Kamigaki will assist in managing the dealership’s new-car department sales team. He was previously the dealership’s financial services consultant and joined Servco in 2006.

>> Erin Klein will assist in managing the dealership’s new-car department sales team. He has 15 years in the automotive industry, including having served as a sales manager and in finance and insurance for South Seas Motorcycles.

>> Greg Parmele will assist in managing the dealership’s pre-owned-car department sales team. He briefly served at another company and returned to Servco. Parmele originally joined Servco in 2011 and recently worked as a floor manager for Servco Subaru Honolulu.

Ship Ahoy!

Today’s ship arrivals and departures: