Mergers & Acquisitions

JAKKS Pacific Inc., appointed Carmine Russo president of its international division with responsibility for growing international sales and overseeing marketing, advertising, promotions and distribution operations across all product divisions.
 

From Target Corp. and Big Lots to J. Crew and Express, the list of U.S. retailers expanding into Canada or scouting locations north of the border seems to grow longer every day. With its growing population, enthusiasm for U.S. brands, relatively underserved market and stable, resilient economy, Canada has become a land of opportunity— and a potentially important profit center — for American retailers. In fact, more U.S.

Editor’s Note: Chain Store Age’s 23rd annual survey of Fastest-Growing Managers measures new domestic and international third-party management and leasing contracts obtained during the preceding calendar year (2011).

Now more than ever, retail real estate is not a business to be conducted without forethought. The days of gut instincts and seat-of-the-pants decisions have been replaced by the need to plan far ahead to guarantee a company’s continued growth.

Atlanta -- Teavana Inc. on Monday said it will buy Canadian tea retail chain Teaopia Ltd. for $26.9 million in cash. It is Teavana's first major acquisition since it went public last year.

Teaopia operates 46 stores, primarily in high-end malls across Canada and online. Last year it generated net sales of approximately $17 million and opened 12 stores.

Teavana operates 200 company-owned stores in 39 states, including one store in Canada, and 18 franchised stores primarily in Mexico, as well as through its website.

Bentonville, Ark. -- Wal-Mart Stores announced that its board of directors has nominated Marissa A. Mayer of Google Inc., for election as a new member of the company’s board at Walmart’s Annual Shareholders’ Meeting on June 1, 2012. If elected, Mayer would become the sixteenth member of the board.

Editor’s note: Chain Store Age’s 23rd annual survey of Fastest-Growing Acquirers measured retail square footage purchased during the 2011 calendar year.

For some companies, being among the top acquirers of shopping centers almost is business as usual — top-ranked Inland Real Estate is a perennial leader, largely through avidly scouring daily for possible deals, while Kimco maintained its focus on top projects in top markets.

Minneapolis -- Supervalu on Monday announced three new executive appointments following the departure of Sue Klug, president of its Albertsons Southern California division.

Dan Sanders has been tapped to head Albertsons Southern California, Keith Wyche will lead Acme and Brian Audette has been named president at Cub Foods.

Replacing Klug will be Sanders, current president of Supervalu's Acme Markets division, based in Philadelphia. Sanders joined Acme in 2010 from United Supermarkets, Lubbock, Texas, where he served as CEO.

Minneapolis -- Best Buy on Saturday announced the locations of the 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company’s home state of Minnesota. The chain has already closed two locations: one in Missouri and one in Arizona.

Most of the remaining 48 stores will close by May 12, with three stores scheduled to close this summer.