Mergers & Acquisitions

New York City -- Wal-Mart Stores has acquired Australian tech start-up Grabble for an undisclosed amount. Founded in January 2010, Grabble provides retailers a point-of-service app for purchases.

The discount giant will make the company part of its recently established Walmart Labs.

 

PLANO, Texas — JCPenney, which reported sales and income decreases for the third quarter, has brought on two new executives to join fellow Apple alumnus, CEO, Ron Johnson. 

Mooresville, N.C. -- Lowe's Cos. reported Monday that net income for the quarter ended Oct. 28 dropped 44% as store-closing charges undercut a slight uptick in quarterly sales.

The home-improvement retailer reported net earnings of $225 million, compared with $404 million in the year-ago period. Charges related to store closures amounted to a pre-tax earnings reduction of $336 million.

Sales increased 2.3% to $11.9 billion, up from $11.6 billion a year earlier. Same-store sales edged up 0.7%, reversing declines in two prior quarters.

The Canada served up to Americans when they visit the country’s pavilion at Disney’s Epcot Center in Orlando is one of lumberjacks, lakes and abundant wildlife roaming virgin forests. While those elements exist, according to Jeff Doucette, a resident of Calgary in the Western province of Alberta and founder of the strategic consulting firm Sales Is Not Simple, the Canada portrayed at the Disney resort is far removed from the average Canadian’s daily existence and the marketplace Target will enter in 2013.

Minneapolis -- Christopher & Banks Corp. announced Friday that it will close about 100 underperforming stores over the next three months, as part of a restructuring plan that also includes format consolidations and workforce reductions.

The women’s apparel retailer said it plans to complete most of the store closings by the end of January 2012, and will accelerate plans to convert or consolidate a number of its existing Christopher & Banks and CJ Banks stores into dual-format stores.

Northbrook, Ill. -- Crate and Barrel announced Friday that its president and CEO Barbara Turf, who is retiring spring 2012, will be succeeded by current company COO Sascha Bopp, who becomes CEO effective April 2012.

Current CB2 director Marta Calle will become president, in charge of merchandising and marketing, and will report to Bopp.

Owings Mills, Md. -- Chicago-based General Growth Properties and Hyde Park, N.Y.-based Kimco Realty Corp. said Thursday that the two companies have formed a joint venture partnership to redevelop Owings Mills Mall, Md.

The new JV gives each company 50% interest in the 25-year-old, 1 million-sq.-ft. mall; GGP previously owned 100%.

"We're exploring a number of options to revive Owings Mills Mall and provide the shoppers of northwest Baltimore County a more viable center that meets their needs,” said Shobi Khan, COO, GGP.

MOORESVILLE, N.C. — Lowe’s announced that it has named Eric Wiseman, president and CEO of apparel manufacturer VF Corp., to its board of directors. Wiseman will serve on the board’s compensation and governance committees. 

Wiseman has been CEO of VF Corp., whose brands include The North Face, Timberland, Vans and Wrangler, since January 2008. Before being named CEO, Wiseman served as president and chief operating officer from 2006 to 2007, responsible for VF’s global business and day-to-day operations.