International Business

Costa Mesa, Calif. -- Costa Mesa, Calif.-based shopping center developer Donahue Schriber announced it has successfully completed the final piece of a $1.2 billion balance sheet recapitalization.

The recapitalization occurred through several transactions.  The final piece was a $365 million refinance with a bank syndicate led by Bank of America and also included Wells Fargo Bank, U.S. Bank, PNC Bank, Union Bank and City National Bank. 

New Delhi, India -- A Monday report by Bloomberg said that an Indian governmental panel recommended easing market-entry restrictions, making Wal-Mart Stores’ and Carrefour SA’s path into the India retail market potentially much easier.

Citing a finance ministry official as its source, Bloomberg reported that a panel of New Delhi bureaucrats recommended on Friday that overseas companies be allowed to own up to 51% of stores that sell more than one brand if they invest a minimum of $100 million.

Mooresville, N.C. -- Lowe’s Cos. said Friday it has promoted M. Lee Reeves to senior VP, deputy general counsel and assistant secretary.

Reeves, who joined Lowe’s in 2004 as senior counsel, will lead the corporate transactions, intellectual property and information technology legal teams as a part of his new role.
 

Salisbury, N.C. -- Discount grocery chain Bottom Dollar Food announced Monday plans to enter the greater Pittsburgh and Youngstown, Ohio, markets.

The expansion includes 14 stores that will open in 2012 and slated to create more than 600 jobs.

SAN FRANCISCO — Gap Inc. announced that Bella Goren, CFO AMR Corp. and American Airlines Inc., has been appointed to the company’s board of directors, effective Aug. 15. She will become the 11th member of the board and will serve on the company’s audit and finance committee.

MOORESVILLE, N.C. — Lowe’s has announced the promotion of M. Lee Reeves to SVP, deputy general counsel and assistant secretary. Reeves will continue to report to Gaither Keener, EVP, general counsel, secretary and chief compliance officer.

In his new role, Reeves’ responsibilities include leading the corporate transactions, intellectual property and information technology legal teams.

Reeves joined Lowe’s in 2004 as senior counsel, after serving as a member of a private law firm. 

It is logical that Wal-Mart Stores Inc. president and CEO Mike Duke would top Supermarket News’ Power 50 list of the food industry’s most influential executives. The company sells more food, by a large margin, than anyone else, therefore a case could be made that Duke, or whoever is CEO of Walmart, should top the publication’s list each year.

The ministers of economic development, trade and industry and agriculture, forestry and fisheries in South Africa are protesting the nation’s Competition Tribunal’s approval of a merger agreement between Walmart and Massmart. The three government entities are seeking to set aside a ruling that allowed Walmart to acquire a 51% ownership stake in Massmart last month on the grounds that the tribunal acted irregularly with regard to matters of documents presented during the discovery process and the scheduling of decisions.