International Business

Sydney Rosen, former chairman of Rose Art Industries and a toy industry veteran, died on June 2 at the age of 94. 

Rosen's career in the toy industry began when he went to work for his father's company, Rosebud Art, following a medical discharge from the army. Rosen's father Isidor was an artist and lithographer by trade, creating children’s toys and arts and craft sets, games and puzzles, and eventually Sydney and his brother Irving took over the business themselves as Isidor retired.  Ultimately Rosen bought his brother’s share.

Northbrook, Ill. -- Pine Tree Commercial Realty and New York City-based Silverpeak Real Estate Partners announced they have formed a joint venture with the goal of acquiring retail assets and portfolios across the United States.

According to Chris Westfahl, principal of Silverpeak, and Peter Borzak, co-founder and principal of Pine Tree, the new JV – Pine Tree Silverpeak Retail Partners LLC – plans to pursue transactions greater than $10 million and across the risk spectrum, ranging from raw land for development to stabilized core assets.

Amsterdam -- Dutch retailer Koninklijke Ahold N.V. reported Tuesday that profit for the first quarter increased 6% to $423.84 million, citing a 6% sales rise and lowered operating costs for the improved performance.

Ahold generates more than half its sales in the United States through its Stop & Shop, Giant Carlisle and Giant Landover banners. In the Netherlands, it operates under the Albert Heijn banner.

The company didn't give any guidance or detail on its growth strategy.
 

NEW YORK — Phillips-Van Heusen announced that it has entered into a licensing agreement with Ram Pacific under which Ram Pacific will market and distribute apparel and accessories under PVH’s IZOD brand in Singapore, Indonesia, and Malaysia. The initial term of the license agreement runs through December 2015 and provides for a renewal at PVH’s option.

Pleasanton, Calif. -- Safeway said Tuesday it has signed a new $1.5 billion revolving credit agreement that replaces a $1.6 billion facility.

The new agreement is for four years, while the one it is replacing was set to mature on June 1, 2012.

Safeway said that its Canadian subsidiary can borrow up to $250 million from the new facility, which will be used for general corporate purposes.
 

New York City -- A $15 billion share buyback program, unveiled earlier in June, will allow Wal-Mart Stores’ founder Sam Walton’s descendants to see their stake in the chain edge up above 50%.

After Walton died in 1992, family members retained a stake of around 38% from the mid-1990s to the mid-2000s. Starting in 2003, a series of big share buybacks began to push the family stake higher, to 43% in 2008 and now to 49%, according to the latest filings.

While an abundance of celebrities and references to Walmart founder Sam Walton gave this year’s shareholders meeting a familiar feel, there also was an unmistakable emphasis on e-commerce and social media.

BENTONVILLE, Ark. — After nearly four hours of music, cheering, celebrity appearances and brief presentations by senior executives, Wal-Mart Stores president and CEO Mike Duke wrapped up the company’s annual shareholders’ extravaganza Friday morning by sharing five priorities associated with serving what he called the next generation of customers.