Mergers & Acquisitions

New York City -- South Africa’s competition watchdog has recommended that Wal-Mart Stores’ proposed takeover of the country’s retail chain Massmart be unconditionally approved without conditions.

Wal-Mart made a $2.4 billion bid for Massmart in November, and a vast majority of the target company’s shareholders voted to approve the deal last month.

The deal now needs final approval from South Africa’s competition tribunal. A date for the hearing and subsequent ruling has yet to be set.

MONTVALE, N.J. — Bankrupt grocer A&P reported in a recent filing with the Securities and Exchange Commission that Brenda Galgano, SVP, CFO and treasurer, will resign, effective March 27.

According to the filing, Galgano gave her notice on Feb. 10. No additional details on her departure were disclosed.

Department stores and shopping centers malls are gaining market share for the first time in three decades, according to consultants Customer Growth Partners, and this month most will report their best annual earnings in years -- if not ever.

“Department stores from Macy’s to Nordstrom, and mall operators from Macerich to Simon, have used the recession not just to cut costs, but to reinvent themselves,” said Craig Johnson, president, Customer Growth Partners, a consulting and research firm serving retail and other consumer industries.

SECAUCUS, N.J. -- The Children's Place Retail Stores announced that Susan Riley, EVP finance and administration, is leaving the company. The company said it will eliminate the position of EVP finance and administration and has begun a search for a CFO.

John Taylor, VP finance, will assume the position of interim principal financial dfficer and Bernard McCracken, VP controller, will assume the position of interim principal accounting officer.

York, Pa. -- The Bon-Ton Stores has signed a letter of intent with Simon Property Group for the 135,000-sq.-ft. former Mervyn's facility located in the Southdale Center in Edina, Minn.

Remodeling of the site is expected to begin in March and be completed in November, at which time Bon-Ton will open a new store under its Herberger’s banner.
The new Herberger’s location will bring the total number of Herberger’s stores to six in the Minneapolis/St. Paul market.

SANTA MONICA, Calif., VANCOUVER, British Columbia and PARIS --Lionsgate, Studiocanal and Miramax announced that they have entered into a worldwide home entertainment distribution deal. Under the long-term deal, Lionsgate and Studiocanal will distribute more than 550 titles from the Miramax film library via DVD, Blu-ray, EST and Internet Video On Demand (VOD), in addition to cable VOD internationally, the companies reported.

Secaucus, N.J. -- The Children's Place Retail Stores said Friday that their executive VP finance and administration Susan Riley is leaving the company. The retailer said it will eliminate the role and look for a CFO.

The children's clothing company said VP finance John Taylor will serve as interim principal financial officer and Bernard McCracken, VP controller, will serve as interim principal accounting officer.

New York City -- Borders Group may file for bankruptcy reorganization as early as Monday or Tuesday after failing to persuade publishers and others to go along with a plan to refinance the struggling chain's debt, according to the Wall Street Journal.

The retailer plans to initially close about 200 of its 674 stores, the report said, which cited unnamed sources.