International Business

New York -- A report released Monday by A.T. Kearney showed that Brazil once again first among developing countries for global retail expansion.

A.T. Kearney’s Global Consumer Institute’s 2012 Global Retail Development Index ranks the top 30 developing countries for global retail expansion.

New York -- A Monday report by Reuters said that New York City's pension funds have filed a derivative lawsuit against Wal-Mart Stores Inc. based on reported allegations of bribery in Mexico and a possible cover-up by Wal-Mart officials.
 
The suit, filed in Delaware Chancery Court, alleges that Wal-Mart's officers and board of directors breached their fiduciary duty to both the company and shareholders by failing to properly handle claims of alleged bribery and apparently attempting to cover up details of the issue.

FORT WORTH, Texas — A Thursday report by Reuters said that RadioShack will take a 49% stake in a joint venture with Cybermart to open small-format, RadioShack-branded stores in greater China.

Cybermart, an affiliate of Hon Hai Precision Industry Co., and RadioShack will open their first location in Shanghai in July. Additional locations are planned for mainland China, as well as Taiwan, Hong Kong and Macau.

CINCINNATI — Macy's Inc. has invested in the future of America, by hiring more than 1,000 college and university students for its Executive Development Program and for summer internships nationwide.

New York -- The Fisher family, the founders of Gap Inc. have acquired a stake in high-end riding-gear and apparel company Ariat International Inc.

The Fisher family, along with Ariat management, purchased the firm from LNK Partners and Brentwood Associates. Terms of the sale were not disclosed.
 

New York -- Kate Spade New York announced Thursday that it will buy its Japanese JV partner Sanei International’s 51% share in Kate Spade Japan.

The move, said Kate Spade, is part of an aggressive international push that includes recent store openings in the United Kingdom, Dubai and Kuwait, as well as further expansion into Brazil with additional store openings in Rio de Janeiro and Sao Paulo planned for this summer.

Topeka, Kan. -- Collective Brands said Thursday that the U.S. Federal Trade Commission has granted early termination of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act in connection with Collective’s impending $2 billion acquisition by Wolverine World Wide, Blum Capital Partners and Golden Gate Capital.

As announced on May 1, investment firms Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International.

Cleveland -- American Greetings said Thursday it has acquired 400 Clinton Card stores, a U.K.-based chain that was one of American Greeting’s biggest customers.

The struggling retailer had about 750 stores in the United Kingdom before being placed under administration last month. About 350 stores were closed and the remaining 400 will stay under administration, said American Greetings, and the other assets will be liquidated to pay off creditors.
 

Minneapolis -- Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

Fort Worth, Texas -- A Thursday report by Reuters said that RadioShack will take a 49% stake in a joint venture with Cybermart to open small-format, RadioShack-branded stores in greater China.

Cybermart, an affiliate of Hon Hai Precision Industry Co., and RadioShack will open their first location in Shanghai in July. Additional locations are planned for mainland China, as well as Taiwan, Hong Kong and Macau.