International Business

TORONTO — Sears Canada is closing three downtown stores in Vancouver, Calgary and Ottawa. The move follows an announcement last month by Sears Holdings, the majority owner of Sears Canada, that it will raise about $770 million by spinning off parts of its business and selling prime real estate.

NASHVILLE, Tenn. — Genesco has appointed Thurgood Marshall, Jr. to its board of directors. Marshall is a partner in the Washington, D.C. office of Bingham McCutchen LLP. He also serves on the boards of Corrections Corporation of America, Ethics Resource Center, and the Ford Foundation and as chairman of the board of governors of the United States Postal Service.

Columbus, Ohio -- Big Lots’ fourth-quarter net income rose 4% to $114.7 million for the period ended Jan. 28, up from $110.1 million a year earlier. The chain also said it anticipates 90 new store openings in the United States in 2012.

Big Lots’ revenue in the quarter rose 10% to $1.67 billion, from $1.52 billion.

Under normal circumstances a dividend increase of 9% would be regarded as pretty solid, but Walmart has spoiled its investors in recent years, so when it boosted its annual dividend to $1.59 from $1.46 this week the increase was viewed as puny.

Shanghai, China -- Indianapolis-based Simon Property Group, along with Chinese retail conglomerate Bailian Group, announced plans to jointly develop a branded Premium Outlet Center in Pudong, Shanghai, China.

Simon Property Group is the world's largest developer, owner and operator of outlet shopping centers, with interests in 70 Premium Outlet Centers located in the United States, Japan, South Korea, Malaysia, Mexico and Puerto Rico.

Bentonville, Ark. -- Wal-Mart Stores Inc. said Thursday it is continuing its annual tradition of increasing shareholder payout by raising its dividend by 9%.

Wal-Mart will pay a quarterly dividend of 39.75 cents on April 4 to shareholders of record on March 12. That works out to $1.59 per share for the year. The company has increased its dividend every year since its first declared dividend in March 1974.

According to Wal-Mart president and CEO Mike Duke, the company's U.S. business is back on track, and international results remain strong.

New York City -- Women’s apparel retailer Cache Inc. said Thursday that it has partnered with e-commerce solution provider FiftyOne Global Ecommerce to facilitate international sales and shipments to more than 100 countries, beginning in fall 2012.