Mergers & Acquisitions

Toronto -- Canada’s Loblaw Companies Ltd. said it will pull its Joe Fresh brand from J.C. Penney stores in the United States at the beginning of next year as it looks to concentrate on freestanding Joe Fresh stores and e-commerce.  

When Target pulled out of Canada, it was widely expected that Walmart would snap up some of Target's locations. But Walmart has decided to acquire only 13 stores, in a deal worth $136 million.

Walmart announced it has reached agreements to acquire one distribution center, 12 store leases and one owned property in Canada. The retailer says it expects to invest another $153 million to renovate the 13 stores and distribution center, bringing Walmart’s total investment to approximately $289 million.

New York -- Dov Charney, the embattled founder and ousted CEO of American Apparel, is suing the retailer’s controlling shareholder, Standard General, for damages of at least $30 million.
 
Charney accused the hedge fund of an array of misdeeds, including defamation, false light, intentional interference with actual and prospective economic relations, unfair business acts and false advertising, according to a lawsuit filed Thursday in Los Angeles Superior Court.

New York -- Off-price retailer Loehmann's announced that Jeffrey Cripe is joining the Loehmann's advisory board, as the company builds its online marketplace. Founded in 1921, the company closed its brick-and-mortar stores after its bankruptcy in 2013. Now under new ownership, the brand is being expanded online.

Chicago -- HRC Advisory, a strategic retail advisory firm and unit of Hilco Global, announced that it has promoted Farla Efros, an accomplished retailing and merchandising strategist, to the position of president. She will continue to report to Antony Karabus, CEO of HRC Advisory.  

Phoenix -- Big Shopping Centers USA and Red Development have announced a joint venture partnership to maximize market presence and performance of select U.S. retail properties in the Midwest and West. The alliance seeks to acquire established, first-tier community, lifestyle and power centers with strong tenant line-ups and sales figures that are well positioned in markets throughout the United States.

Boston -- Gordon Brothers Group and Hilco Merchant Resources announced that they will begin going-out-of-business sales at Simply Fashion and Dots retail locations nationwide beginning May 7.

New York -- Alibaba Group Holding Limited on Thursday announced that its CEO, Jonathan Lu, will step down and will be replaced by COO Daniel Zhang, effective May 10. Lu will remain on the company's board as vice chairman.