International Business

New York -- Under Armour has opened a store at the Jing An Kerry Centre in Shanghai, China. The environment puts storytelling at the forefront through a multi-dimensional short film that immerses visitors in the brand's world of making athletes better through passion and innovation.

Fort Worth, Texas -- Pier 1 Imports announced that its board of directors has authorized a new $200 million share repurchase program.

The new share repurchase program is effective immediately and authorizes the repurchase of up to $200 million of the company’s common stock in open market or private transactions. As of October 17, 2013, Pier I had approximately 103.8 million shares of common stock outstanding.
 

Under Armour has opened its first retail theater specialty store at the Jing An Kerry Centre in Shanghai, China. The store features a multi-dimensional short film that depicts athletes who use the brand.

Founder and CEO Kevin Plank and Under Armour athlete Michael Phelps were on hand to host the grand opening event.

Bentonville, Ark. – Wal-Mart Stores will reportedly close 20 underperforming stores in China next year as part of an overhaul of its Chinese operations. According to Bloomberg, Wal-Mart is restructuring its business in China, including a new management structure and more efficient purchasing operations.

However, Wal-Mart still plans to open 100 stores in China during the next three years. A Wal-Mart executive said the stores being closed there do not have ideal locations or layouts.

Walmart said its worldwide capital expenditure budget for the 2014 will range between $11.8 billion and $12.8 billion, roughly $200 million less than the company expects to spend during the current year, even as it adds more selling space.

Michelle Gloeckler, SVP of Home at Walmart and head of the retailer’s domestic manufacturing initiative is scheduled to give an update on the program, its progress and inner workings in Bentonville next month.

Gloecker was recently confirmed as a speaker at an event organized by the Bentonville Bella Vista Chamber of Commerce for the organization’s Walstreet membership group which consists of Walmart suppliers and service provider companies. Gloecker is scheduled to speak on Thursday, November 14.
 

CTPartners, a leading global retained executive search firm, has appointed Jefferey DeFazio to be a partner in firm’s consumer and retail practice based in San Francisco.

DeFazio has worked with leading global brands in the consumer and retail industry, placing board members and senior executives in multinational companies, and has also recruited for smaller fast-growing private equity- and venture capital-backed organizations. He joins CTPartners from another major search firm where he spent three years leading the consumer practice on the West Coast.

Wayne, N.J. -- Toys “R” Us announced that Antonio Urcelay has been named chief executive, effective immediately, after serving as the company’s interim CEO since May of this year. In other executive news, the retailer appointed a former Wal-Mart executive, Hank Mullany, as president of Toys “R” U.S., effective Nov. 5.

Urcelay, 61, who joined Toys “R” Us in 1996, had been president of the company's Europe business before being named interim CEO.

Roanoke, Va. -- Advance Auto Parts will acquire General Parts International, a privately held parts maker. The all-cash deal has an enterprise value of $2.04 billion.

Based in Raleigh, N.C., General Parts, which owns the Carquest brand, has 1,246 company operated stores in North America. It also operates 1,418 independently owned Carquest locations primarily in the United States and Canada.

Covington, La. — Stirling Properties has opened a new office in downtown Mobile, Ala. The company’s first location in the state, the new office joins 11 others located in Louisiana and Mississippi, further strengthening Stirling’s presence in the Gulf South.

“This office will not only serve the surging market and growing economy of Mobile but also anchor the eastern side of the Interstate 10 corridor for Stirling Properties,” said Marty Mayer, Stirling’s president and CEO.