Mergers & Acquisitions

Tokyo, Japan -- Indianapolis-based Simon Property Group said that, in partnership with Mitsubishi Estate Co., it has opened Shisui Premium Outlets (Shisui Town, Inba District, Chiba Prefecture), the ninth Premium Outlet Center in Japan.
 

Sunbury, Pa. -- Weis Markets announced it would invest $135 million in its 2013 capital expenditure program, an 8% increase compared to the year prior.
   
“To position our company for continued growth, we have made record investments in our store base,” and vice chairman Jonathan H. Weis, at the company’s annual shareholder meeting. “Look for more of the same in 2013 when we increase our Cap Ex investment to $135 million – an 8% increase compared to 2012 – and a 33% increase compared to 2011.”

NEW YORK — Best Buy CEO Hubert Joly earned nearly $20 million during his first five months on the job in 2012, the Associated Press reported.

Joly, a turnaround expert, took the reins of the chain in September. Former CEO Brian Dunn left in April when a board investigation found that Dunn violated company policy by having a "close personal relationship" with a female staffer. Board member Mike Mikan, one of Best Buy’s board members, served as temporary CEO before Joly was hired.

New York -- Another Ron Johnson-appointee and former Apple executive has left J.C. Penney. Ben Fay, who was brought as EVP real estate, store design and development, has left the company, according to the Dallas Morning News. Returning to Penney in an advisory capacity is the chain's former SVP of property development, Tom Clerkin, who took early retirement from the company last year, the report said.

Several key senior leadership changes took effect this week at the nation’s second largest automotive retailer as it looks to narrow the gap with AutoZone.

New York -- The Jones Group Inc. announced Monday that it will put into action a series of events designed to shore up profitability, the most significant of which includes shuttering 170 underperforming stores in the U.S. by mid-2014.

The stores identified for closure include 50 units previously announced in the fourth quarter.

The Hershey Company announced a series of personnel moves it said would help accelerate global growth.

Executives involved in the changes which take effect May 13 include Humberto Alfonso, David Tacka, Michele Buck, E. Daniel Vucovich, D. Michael Wege and Waheed Zaman

NEW YORK — The Jones Group Inc. plans to close 170 under-performing stores in the U.S. by mid-2014 as part of its efforts to shore up profitability.

The stores identified for closure include 50 units previously announced in the fourth quarter.

Jones, which owns the Nine West, Jones New York and Anne Klein banners among others, will emerge from the restructuring with a higher percentage of outlet stores in its portfolio, and some units will be converted to more viable sister banners.