Mergers & Acquisitions

A little over a year into his tenure as Target’s chairman and CEO, Brian Cornell has added new responsibilities as a member of the board of directors at KFC, Pizza Hut and Taco Bell parent company Yum! Brands.
 
Cornell’s appointment to the Yum board comes 13 months after he was named to the top job at Target and just three months after Target sold its pharmacy business to CVS Health for $1.9 billion. The latter is noteworthy because two executives with strong ties to CVS Health serve on Yum’s Nominating and Governance Committee.
 

Gelson’s Markets, which operates 18 full-service specialty grocery stores in Southern California, is supporting ambitious growth plans with a back-end technology upgrade. Gelson’s will implement JDA space and category management solutions to increase the efficiency and automation of its planning activities.

Transwestern's Southeast Investment Services Group representedKentucky-based Langley Properties Co. in the disposition of Pelican Place at Craft Farms for$18.5 million.Atlanta-based RCG Ventures acquired the 229,911-sq.-ft. shopping center located inGulf Shores, Alabama.

Transwestern VPFred Victorrepresented the seller in the transaction. RCG was represented in-house byScott Tarbet, VP of acquisitions.

Rite Aid on Thursday reported $7.7 billion in revenue for its fiscal second quarter ended Aug. 29, representing an increase of 17.5%. Retail pharmacy segment revenues were $6.6 billion and increased 1.9%, primarily as a result of an increase in same-store sales. And pharmacy services segment revenues were $1.1 billion from the date of the acquisition of EnvisionRx — June 24 — through the end of the quarter. 

The two biggest specialty pet retailers in the U.S. may merge. According to Reuters, Petco Holdings Inc. is considering a possible acquisition from chief rival PetSmart Inc.

Smart & Final Stores Inc. is shuffling the membership of its board of directors. The discount grocer has elected Paul N. Hopkins and Kenneth I. Tuchman to the board.

Hopkins is the former chairman of the board of directors of insurance company Farmers Group Inc. and CEO of its Americas operations, including Latin America and shared services operations. 

The CEO of one of America’s most prominent discount retail chains has joined the board of directors of quick service restaurant operator Yum Brands. Target CEO Brian J. Cornell, 56, is now a member of the Yum Brands board.

Gordmans Stores has named a veteran from Hancock Fabrics to take over as CFO.

The Omaha-based apparel and home decor retailer announced that James B. Brown has been appointed executive VP and CFO effective immediately.