Mergers & Acquisitions

MEMPHIS — Regional discounter Fred’s made good on its promise of a year ago to further expand a new merchandising initiative, but an intensely competitive market made fourth-quarter sales tough to come by.

Philadelphia -- A Wednesday report by Reuters said that discounter Five Below is said to be considering an initial public offering. 

The report, citing unnamed sources, said that the Advent International- and LLR Partners-owned chain has hired underwriters and is in discussions with bankers.

Five Below is in a growth mode and could potentially command a market valuation of over $1 billion.

Awkward. The Minneapolis/St. Paul Business Journal included former Target director of design partnerships Brian Robinson on its annual 40 under 40 series, which looks at up-and-coming business leaders. In Robinson’s case, he is an up-and-comer who has already went – to JCPenney – but will reportedly be based in Minneapolis.

HOFFMAN ESTATES, Ill. — Sears Holdings announced that David Lukes has joined the company in its real estate business unit as president real estate development. Lukes comes to Sears Holdings from Mall Properties Inc. where he served as president and CEO of the privately owned $3 billion real estate firm. 

Hoffman Estates, Ill. -- Sears Holdings Corp. announced Tuesday that it has named David Lukes as president, real estate development for the company.

Lukes was previously president and CEO of real estate firm Mall Properties.

Lukes has been charged with leading Sears’ efforts to further develop its real estate assets, including those that are now non-retail.

SEATTLE — Amazon's fulfillment services just got a boost, thanks to an agreement that will have the company buying Kiva Systems Inc. for $775 million in cash. Kiva is a manufacturer of automation technology for fulfillment centers, and is best known for its mobile- robotic technology and sophisticated control software. Kiva's retail customers include The Gap, Staples, Saks 5th Avenue, Office Depot, Crate and Barrel and Walgreens.

WEST CHESTER, Pa. — QVC is building a presence in China through a new joint venture with Beijing-based China National Radio (CNR), China's government-owned radio division. Through this partnership, CNR and QVC will jointly operate a multimedia retailing business in China through the CNR Mall TV shopping channel and its e-commerce website (www.CNRMall.com), leveraging the strengths and resources of each company.

Pleasanton, Calif. -- Safeway Inc. said Monday it approved a $1 billion stock buyback program.

The operator of grocery chains such as Safeway, Vons and Dominick's had about $400 million remaining under its stock repurchase program, through Feb. 22. The buyback authorization does not have an expiry date.