Strategy

New York City -- A Thursday report in the New York Times said that activist investor William A. Ackman is pondering whether or not to raise capital for a new fund through an initial public offering.

Citing people familiar with the matter, the Times said that the head of Pershing Square Capital Management is planning to raise billions of dollars for a closed-end fund that would be listed on an exchange, but that the firm itself would not go public.

Bentonville, Ark. -- Wal-Mart Stores disclosed in an email Friday that its China senior VP operations has left the company.

According to a Friday report by Bloomberg, Shawn Gray has left the company, but no reason for the departure has yet been given.
 

Daqing, China -- China supermarket chain QKL Stores announced Friday that its COO Alan Stewart has resigned, effective immediately.

The retailer said Stewart has left to pursue other opportunities. He will continue to serve as a consultant to the chain.

The Assistant COO, Xishuang Fan, has been promoted to COO.
 

New York City -- Borders Group has reached agreements with its landlords to extend the leases on 11 stores it had previously asked a bankruptucy court to shutter, the Associated Press reported.

Last week, the chain asked permission to start liquidating 51 stores because of a condition for its financing. But it said at the time it was actively working to keep them open.

New York City -- Leonard Green & Partners and CVC Capital Partners said Friday they are making a joint buyout bid worth an undisclosed amount for BJ's Wholesale Club. The two private equity firms revealed their plans in a Securities and Exchange Commission filing on Friday. The bid price was not disclosed.

In February, BJ's announced it was exploring a sale. In March, Leonard Green is already the chain's larger shareholder, with a 9.3% stake.

TOPEKA, Kan. — Matthew Rubel is stepping down as CEO of Collective Brands, the company announced Thursday. Rubel will also give up his role as chairman of the board and as a director for the company. Michael Massey has been named the interim CEO and Scott Olivet has been named the company's non-executive chairman.

HOUSTON — Men's Wearhouse has named Douglas Ewert president and CEO of the company, succeeding George Zimmer.

As previously announced, Zimmer will continue as executive chairman of the board of directors.

Zimmer stated, "I am excited to turn over the day-to-day reins of Men's Wearhouse to Doug. I know he has the same passion for this company and its people as I do. With him leading our efforts, we will continue to provide the highest level of service to our customers and our unique culture will thrive."  

CINCINNATI — Kroger reported solid first-quarter results and marked 30 consecutive quarters in which identical-store sales increased, the supermarket retailer announced Thursday.

Kroger said that identical-store sales rose 4.6%, excluding fuel, to about $20.8 billion. Identical stores are defined as supermarkets open at least five quarters.

The company said its first-quarter revenue for the period ended May 21, including fuel, rose 11% to about $27.5 billion, compared with the year-ago period. Excluding fuel, total sales were 4.8% above last year.

SCARSDALE, N.Y. — Natural food retailer Mrs. Green's Natural Market confirmed its acquisition of seven Superfresh grocery locations in Maryland and one Superfresh location in Washington, D.C., from the Great Atlantic and Pacific Tea Co.

HERSHEY, Pa. — Just one month after filling in as the interim leader of chocolate giant Hershey, John Bilbrey officially took the reigns as president and CEO of the company.

Bilbrey also was elected to Hershey's board of directors, Hershey said Wednesday. Bilbrey, who served as the company's EVP and COO until May, replaced David West, who exited left his post after 10 years to become the chief executive at Del Monte Foods.