Finance & Capital Management

Mooresville, N.C. -- Lowe’s Cos. said Friday it has promoted M. Lee Reeves to senior VP, deputy general counsel and assistant secretary.

Reeves, who joined Lowe’s in 2004 as senior counsel, will lead the corporate transactions, intellectual property and information technology legal teams as a part of his new role.
 

Dallas -- Venture Commercial Real Estate announced the completion of several transactions that will bring new Carl’s Jr. restaurants to Garland, Balch Springs, Lufkin, and Beaumont, Texas, by the end of the year.

With the addition of these four locations owned and operated by RWJP Star Enterprises, the total number of Carl’s Jr. restaurants in Texas will be 48.

MINNEAPOLIS — Supervalu announced that it has named Leon Bergmann as president of its independent business organization, reporting to Craig Herkert, CEO and president. He replaces Mark Anderson, who will be retiring from Supervalu later this summer.

BIRMINGHAM, Ala. — Books-A-Million announced the company has submitted a bid in the Borders Inc. bankruptcy proceedings to purchase, among other things, the inventory, fixtures, equipment, and leasehold interests for 30 Borders locations. Under the proposed bid, Books-A-Million will assume the leases for these locations and continue to operate these stores.

Borders Group on Thursday won court approval to liquidate its remaining 399 stores.

It is logical that Wal-Mart Stores Inc. president and CEO Mike Duke would top Supermarket News’ Power 50 list of the food industry’s most influential executives. The company sells more food, by a large margin, than anyone else, therefore a case could be made that Duke, or whoever is CEO of Walmart, should top the publication’s list each year.

The ministers of economic development, trade and industry and agriculture, forestry and fisheries in South Africa are protesting the nation’s Competition Tribunal’s approval of a merger agreement between Walmart and Massmart. The three government entities are seeking to set aside a ruling that allowed Walmart to acquire a 51% ownership stake in Massmart last month on the grounds that the tribunal acted irregularly with regard to matters of documents presented during the discovery process and the scheduling of decisions.

SAN FRANCISCO — Gap Inc. announced that Bella Goren, CFO AMR Corp. and American Airlines Inc., has been appointed to the company’s board of directors, effective Aug. 15. She will become the 11th member of the board and will serve on the company’s audit and finance committee.

MOORESVILLE, N.C. — Lowe’s has announced the promotion of M. Lee Reeves to SVP, deputy general counsel and assistant secretary. Reeves will continue to report to Gaither Keener, EVP, general counsel, secretary and chief compliance officer.

In his new role, Reeves’ responsibilities include leading the corporate transactions, intellectual property and information technology legal teams.

Reeves joined Lowe’s in 2004 as senior counsel, after serving as a member of a private law firm. 

Kudos to Borders for not forgetting its most loyal customers as it begins the slow and painful process of shutting down operations.

New York City -- Nordstrom plans to open a Nordstrom Rack in Farmington, Conn., located just outside of Hartford. This will be the first Nordstrom Rack in Connecticut.

The new 35,000 sq-ft. store is scheduled to open during spring 2012 at West Farm Shopping Center.