Finance & Capital Management

New York City -- Borders Group said objections from creditors are irrelevant because the company’s liquidation means it will not carry on any contracts with business partners, Bloomberg reported.

Borders is due to seek court approval Thursday to liquidate its 399 remaining stores. The approximate 99 objections from creditors should be overruled, the company said in court papers, as it does not plan to keep or transfer any contracts or leases, the report said.
 

New York City -- Wal-Mart de Mexico SA said second-quarter profit fell 3.4% as the chain increased spending to open new stores and integrate Central American operations.

The Mexican unit of Wal-Mart Stores reported a net income of 4.49 billion pesos ($380 million) in the April-June period, down from 4.65 billion pesos during the same three months of 2010. Revenue rose 9% to 88.37 billion pesos ($7.49 billion).

CEO Scot Rank says spending to open new stores cut into profits but will help performance in the second half of the year.

Los Angeles -- CB Richard Ellis Group said Wednesday that the United States Postal Service (USPS) has awarded CB Richard Ellis a contract to serve as its exclusive provider of strategic corporate real estate solutions nationally.

CB Richard Ellis will provide transaction management services for USPS, including leasing and disposition. USPS’s portfolio consists of approximately 35,000 facilities, totaling over 300 million sq. ft.

FRAMINGHAM, Mass. — Staples has announced the promotion of Christine Putur to CIO. In her new role, Putur will have global responsibility for information technology strategy and execution. Putur will report to John Mahoney, Staples vice chairman and CFO.

"Chris has demonstrated great leadership at Staples," said Mahoney. "She has deep knowledge of our customers and company with proven ability to align information systems to business goals. Chris will drive the IT organization as an important part of our success in the years to come."

Dallas -- SRS Real Estate Partners announced on Tuesday the hiring of Michael Weiss as senior VP in the South Florida office.

Ann Arbor, Mich. -- Borders Group, which had been holding out hope that a buyer would come forward to save the company, said late Monday it will seek court approval Thursday for a liquidation led by Hilco Merchant Resources and Gordon Brothers Group.

The bookseller said that, with approval by the U.S. Bankruptcy Court of the Southern District of New York, it could begin shuttering its 399 remaining stores as early as Friday, and it is expected to go out of business for good by the end of September.

North Plainfield, N.J. -- Results of a survey released Tuesday by shopping center owner Levin Management Corp. showed that, while store sales remain relatively flat, the majority of its retail tenants are optimistic about the balance of 2011.

CINCINNATI — Kroger banner Smith's has a new president. Mark Tuffin will succeed Jim Hallsey, who is retiring from his post after 47 years of service with Smith's and Kroger, the supermarket retailer announced Tuesday. Hallsey served in his role as president of Smith's since 2001.

Tuffin, who most recently served as Kroger's VP transition, leading the company's efforts to implement significant organizational changes between all areas of the business, brings more than 30 years of experience to his new role. Tuffin joined Smith's in 1996.