Mergers & Acquisitions

Small suppliers looking to establish business relationships with Massmart following Walmart’s acquisition of a controlling stake in the company would be well served to learn the correct pronunciation of Mncane Mthunzi.

Mthunzi will fill a new supplier development role at Massmart and comes to the retailer from an organization known as the Consumer Goods Council of South Africa where he served as CEO and Massmart CEO Grant Pattison serves as chairman.

London — A Wednesday report by the Financial Times said that Citigroup Inc. may retain its store credit card unit, after trying to divest it earlier.

The $41 billion unit could be moved out of Citi Holdings, according to the report, over to its core credit card operations.

Citi, whose store credit card unit has such clients as Zale, Home Depot, Macy’s and Sears, has not commented on the reports.

New York — Borders Group moved closer to liquidation after a judge on Thursday approved its motion to auction itself off with an offer from liquidators as its opening bid. The retailer said it will accept bids until 5 p.m. Sunday and will give notice by Monday if no other bidder emerges.

FARMINGTON HILLS, Mich. — Pet Supplies “Plus” announced that Dave Bolen was promoted to president and CEO, effective July 11.

Bolen joined PSP on May 2 as president after spending five years at Petco Animal Supplies, a national retailer of pet food and supplies, where he served as EVP and chief merchandising officer. Prior to Petco, Bolen served as EVP merchandising, marketing and supply chain at Jo-Ann Stores, a leading specialty retailer of fabric and craft supplies.

Pittsburgh -- GNC Holdings announced that it has made three promotions in its merchandising, marketing and store operations functions. The company also announced that David P. Berg has resigned, effective this September, from his position as COO to pursue other interests.

Thomas Dowd, a 22-year GNC veteran, has been promoted from executive VP store operations and development to executive VP chief merchandising officer, and general manager.

Jeffrey Hennion has been promoted from executive VP chief branding officer to executive VP and CMO.

Chicago -- Jones Lang LaSalle announced Wednesday that The Kroger Co. is undertaking an initiative with JLL to conduct a strategic review of a group of its retail assets, in tandem with Kroger’s divisional real estate teams, to explore optimization strategies for a select portfolio of operating stores.

In addition, Jones Lang LaSalle has been selected, among others, to participate in developing disposition strategies for a portion of the retailer’s closed store portfolio.

NORTHFIELD, Ill. — Kraft Foods announced that Michael Clarke, EVP and president of Kraft Foods Europe, will leave the company in mid-August to take a senior executive position with a U.K.-based public company. Kraft Foods has named Timothy Cofer, formerly SVP of the company's global chocolate category team, to succeed Clarke.  Cofer will report to chairman and CEO Irene Rosenfeld and become a member of the Kraft Executive Team.  He will be based in Zurich, Switzerland.

Deerfield, Ill. -- Walgreen Co. said Wednesday its board has authorized a new $2 billion stock buyback program.

The drugstore retailer completed a previously announced $1 billion stock buyback program and now has approved a new $2 billion share repurchase program that expires Dec. 31, 2015.