Mergers & Acquisitions

Deerfield, Ill. -- Walgreen Co. reported Tuesday that profit for its fiscal fourth quarter surged 69%, in part due to gains from the $525 million sale of its pharmacy benefits management business Walgreens Health Initiatives during the quarter.

Net income for the quarter ended Aug. 31 rose to $792 million, up from $470 million in the year-ago period and surpassing Wall Street expectations.

Revenue rose 6.5% to $18 billion and same-store sales increased 4.4%.

Bentonville, Ark. -- Wal-Mart Stores announced that Eduardo Castro-Wright, 56, vice chairman and CEO of the company’s Global eCommerce and Global Sourcing businesses, will retire on July 1, 2012. The company said it plans name new leadership for these businesses by the end of January, after which Castro-Wright will assist in the transition.
 

San Francisco -- Grosvenor Americas said it has appointed Steve O’Connell to the position of development manager in the company’s San Francisco headquarters office.

O’Connell will oversee the development process from property identification and purchase through design, entitlement, construction, leasing, and stabilization. He was previously with Swinerton Builders in San Francisco as a construction project manager on large urban mixed-use projects.

New York City -- A Bloomberg report on Tuesday said that Borders Group has garnered court approval for the sale of its intellectual property to Barnes & Noble after a recent question about privacy issues was resolved.

U.S. Bankruptcy Judge Martin Glenn in Manhattan approved the transaction after reviewing new terms between Borders and Barnes & Noble that will protect the privacy rights of 48 million customers.

BENTONVILLE, Ark. — Wal-Mart Stores is in search of a new head of its global ecommerce and global sourcing businesses now that Eduardo Castro-Wright announced his retirement effective July 1, 2012. Walmart said it intends to name new leadership for these businesses by the end of January, after which Castro-Wright will assist in the transition.

BOCA RATON, Fla. — Office Depot has fired the president of its international business for "having an improper relationship."

Charlie Brown, president of the international division, has left the organization, effective Monday, the company announced in a press release.

Dallas -- SRS Real Estate Partners said Tuesday that it has hired three new team members in the Newport Beach, Calif., office.

Steve McClurkin, Garrett Colburn and Nichole Slykhous have joined the SRS Newport Beach office to focus on tenant representation, specializing in expanding national retail and restaurant concepts. They will also continue consulting with landlords on outdoor malls/lifestyle centers throughout the western United States.