Strategy

Global Payments president Jeffrey S. Sloan has been named as the company's CEO by the company’s board of directors. He succeeds Paul R. Garcia, who has been the company’s CEO since June 1999 and Chairman since October 2002.  

Under Garcia's leadership, Global Payments became a publicly traded company in early 2001. At that time, Global Payments generated annual revenues of under $350 million, nearly all of which was sourced in the United States. Today, Global Payments is a multinational corporation with nearly $2.5 billion in revenues for fiscal year 2013.

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.    

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.
     

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

By Yaromir Steiner

Pittsburgh -- Genco has been selected to manage a truckload transportation procurement event for Shopko.  The collaborative effort will encompass Shopko's inbound and outbound transportation network and is the third strategic procurement engagement Genco has provided to Shopko.

Pittsburgh -- GNC Holdings has acquired A1 Sports Limited, which operates under the Discount Supplements moniker. The company is the leading multi-brand sports nutrition e-commerce retailer in the United Kingdom. Terms of the deal, which was funded with cash on hand, were not disclosed.
 
Following the acquisition, GNC.com, LuckyVitamin.com and Discount-supplements.co.uk will continue to operate as separate businesses, each with its own product offerings and target customers.

Framingham, Mass. – Staples, Inc. has completed the acquisition of Runa, a software company based in San Mateo, Calif., that helps online retailers increase sales by personalizing the shopping experience. Terms and conditions of the acquisition were not disclosed.

Rugged boot manufacturer Wolverine has opened a permanent store in New York's Nolita at 254 Elizabeth St. The company decided to give the retail space a try following its successful New York pop-up venture in fall 2012.