International Business

New York -- Toshiba Tec Corp. and IBM announced the initial closing of the transaction in which Toshiba Tec will acquire IBM's Retail Store Solutions (RSS) business. The agreement was announced on April 17, 2012.

Toshiba Tec has established Toshiba Global Commerce Solutions Holdings Corporation, a holding company, of which Toshiba Tec holds 80.1% ownership and IBM holds 19.9% ownership.

MINNEAPOLIS — General Mills has expanded its portfolio in Brazil with the acquisition of Yoki Alimentos.

“Today marks a new beginning for General Mills in Brazil,” said Sean Walker, General Mills SVPand president of its Latin America region. “Yoki has fantastic brands that have nourished Brazilian families for decades. We are honored that the family owners of Yoki are entrusting us with this fabulous business and its 5,300 people. We are poised to accelerate our growth in Brazil.”

Issaquah, Wash. -- Costco Wholesale Corp. posted a 5% increase in same-store sales in July, helped by strong sales at its U.S. stores. But the stronger dollar and lower gas prices pressured its results.

Same-store revenue at U.S. locations open was up 7% for the period ended July 29. The figure was flat for its international stores.

Taking out the impact of lower gas prices and a stronger dollar, same-store sales rose 7% for the month. In the U.S., the metric was up 8% while overseas it rose 7%.

San Antonio -- A Tuesday report by Bloomberg said that Valery Energy Corp. has unveiled plans to sell or spin off its network of 1,000+ gas and diesel stations across the United States and Canada, valued at up to $5 billion.

Lowe’s made an offer, but Rona refused.

The two North American home improvement giants will continue to operate as competitors in Canada, where Lowe’s has been growing organically for the past several years amid rumors that just such an acquisition play was in the cards.

Hong Kong -- A Tuesday report by Bloomberg said that J. Crew will open its first Asia store – in Hong Kong – as early as 2013. CEO Millard “Mickey” Drexler told the news service that the retailer is also seeking sites in Beijing and Shanghai.

“We feel that we’re ready to go international,” said Drexler. “Going international is a strong learning curve and it could distract us from building our business in the United States, but we feel that the time is right now.”

Veteran consumer packaged goods executive Phil Dolci was named president and CEO of airgun manufacturer Crosman.

The Rocherster, NY-based company is the leading designer, manufacturer and marketer of a wide range of products for the shooting sports under the Crosman, Benjamin, Centerpoint, Precision Optics, Game Face and Undead Apocalypse brands.

Mooresville, N.C. -- Lowe’s Cos. on Tuesday confirmed a July 8 proposal to acquire Canadian home-improvement and hardware retailer Rona, but said the Quebec-based chain rejected the $1.9 billion offer.

According to the 800-store Rona, the sale to Lowe’s would not be in its best interests.

"Rona's strategic focus remains to execute on its business plan with a view to capturing the significant opportunities that it sees for the business," Rona said in a statement.