Mergers & Acquisitions

SAN FRANCISCO — Gap has elected Padmasree Warrior, chief technology and chief strategy officer of Cisco Systems, to its board of directors, effective Sept. 30.

“Padma is an accomplished business leader with nearly 30 years’ experience within the technology industry, as both a strategist and innovator,” said Glenn Murphy, Gap Inc. chairman and CEO. “As we increase our investment in serving customers across all channels, Padma’s relevant expertise will be an asset to our board and management team.”

Cincinnati — Phillips Edison-ARC Shopping Center REIT has acquired Paradise Crossing, a 67,470-sq.-ft. shopping center anchored by a Publix grocery store.

Located in Lithia Springs, Ga., a suburb of Atlanta, Paradise Crossing is 93.7% occupied. When combined with the Publix lease, 64% of the rents for the center derive from national tenants.

The acquisition brings the REIT’s portfolio to 50 grocery-anchored properties, with an aggregate portfolio purchase price of approximately $729.6 million.

LOS ANGELES — JustFab and ShoeDazzle have entered into a definitive agreement to merge and form one fashion subscription e-commerce business.

With the merger, the two brands will be able to expand their customer base in the United States and further accelerate international and category expansion plans. The combined company is expected to be profitable in 2014.

Lowe's expects to complete its West Coast acquisition of 72 Orchard Supply Hardware stores by the end of August. When that happens, current CEO Mark Baker will be replaced at the helm of Orchard Supply by Lowe's executive Richard D. Maltsbarger.

Baker, a former Home Depot executive, took over the Orchard Supply job back in March of 2011. According to the press release announcing the move, Baker "informed Lowe's of his decision to accept a position as president and CEO of the Aircraft Owners and Pilots association following the closing."

DALLAS — Closeout retailer Tuesday Morning announced the appointment of Michael Rouleau to CEO, effective immediately. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined in November 2012.

DALLAS — Closeout retailer Tuesday Morning has named Michael Rouleau as the company’s CEO. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined November 2012.

MINNEAPOLIS — Best Buy said it earned $266 million in the second quarter, compared with a profit of $12 million in the year-ago period, amid cost cuts. Its results beat Wall Street expectations.

Revenue for the quarter, ended Aug. 3, edged down to $9.3 billion, from $9.34 billion last year. Analysts expected $9.13 billion. Same-store sales fell 0.6%, including a 0.4% decline domestically. Online sales rose 10.5%.

Epicor Software Corporation, a business software developer, has entered into a partnership with CyberM Information Technology Limited to resell Epicor retail technology solutions and provide in-country implementation and support services within the Asia Pacific region. 

Under the terms of the agreement, CyberM will provide sales, services and support to assist local retailers and meet the globalization requirements of multinational retailers looking to expand into APAC.