Mergers & Acquisitions

London -- British retailer Tesco reported Wednesday that profit dropped 6.8% in its first fiscal half to $2.06 billion, weighed down by costs associated with its turnaround strategy.

Revenue for the period inched up 1.6% to $51.9 billion, but costs were up as well for the world’s third-largest retailer. Same-store sales fell off 0.7%.

"The plan is a long course of treatment for us, not a single dose," new CEO Philip Clarke said of the turnaround plan.

In case you missed it, Retailing Today published its annual Insights 2013 issue recently and while Target is currently the nation’s sixth largest retailer that position is likely to change in 2013.

It is conceivable Target could become the nation’s fourth largest retailer by this time next year, overtaking both Home Depot and Walgreens.

Brisbane, Calif. -- Fashion retailer Bebe reported Wednesday that total sales for the first quarter fell 9.4% to $105.1 million. Same-store sales dropped 8.7%, missing expectations of a more moderate 6.8% decline.

The 250-store chain has officially launched a search for a new CEO, announcing on Wednesday it has retained Russell Reynolds Associates to lead the effort. Former CEO Gregory Scott resigned the post in January 2009, and founder Manny Mashouf has been serving in an interim capacity since that time.

Dallas -- Corner Bakery Café said Wednesday it has named Gary Price as president of the chain.

Dallas -- The Merchant Customer Exchange announced Tuesday that Bed Bath & Beyond, Dillard's, Dunkin’ Brands, Gap, Sheetz and Wakefern Food Corp. are among those joining the existing lineup of merchants who are committed to creating a seamless mobile-commerce solution.

NEW YORK — Send the Trend, the e-commerce site acquired by QVC in February, has relaunched to provide a broader range of premier beauty and accessory products.

LG Electronics and Whirlpool Corp. have agreed to settle their respective patent infringement disputes related to refrigerators, ending years of litigation between the two companies. Three pending lawsuits will be dismissed in the U.S. District Courts in Delaware and New Jersey, according to the announcement. All other terms of the settlement are confidential.

Washington, D.C. -- Douglas Development announced that Lime Fresh Mexican Grill will open a 2,000-sq.-ft. restaurant in the Douglas Development-owned property at 726 7th Street in Penn Quarter.

The space is currently occupied by Potbelly Sandwich Works and is scheduled to open as Lime Fresh Mexican Grill in mid-2013.