Strategy

McKinney, Texas -- Blockbuster announced that it has assumed contracts with property owners nationwide and will maintain operations of more than 1,500 U.S. Blockbuster stores that would have closed under liquidation, as approved in a New York bankruptcy court this week. The chain also will retain more than 15,000 store employees.

SAN FRANCISCO — Gap Inc. announced that Bella Goren, CFO AMR Corp. and American Airlines Inc., has been appointed to the company’s board of directors, effective Aug. 15. She will become the 11th member of the board and will serve on the company’s audit and finance committee.

The ministers of economic development, trade and industry and agriculture, forestry and fisheries in South Africa are protesting the nation’s Competition Tribunal’s approval of a merger agreement between Walmart and Massmart. The three government entities are seeking to set aside a ruling that allowed Walmart to acquire a 51% ownership stake in Massmart last month on the grounds that the tribunal acted irregularly with regard to matters of documents presented during the discovery process and the scheduling of decisions.

New York City -- Mike Boylson, formerly executive VP and CMO of J.C. Penney, has traded retailing for baseball. The 32-year J.C. Penney veteran, who officially stepped down from the company on July 1, and a friend are opening a franchise of D-Bat, a baseball and softball training academy, Advertising Age reported. The facility is due to open this fall.

BIRMINGHAM, Ala. — Books-A-Million announced the company has submitted a bid in the Borders Inc. bankruptcy proceedings to purchase, among other things, the inventory, fixtures, equipment, and leasehold interests for 30 Borders locations. Under the proposed bid, Books-A-Million will assume the leases for these locations and continue to operate these stores.

Borders Group on Thursday won court approval to liquidate its remaining 399 stores.

The current upheaval we’re experiencing with booksellers reminds me of those nature documentaries where the host talks about what happens when a giant tree in the forest comes crashing down, leaving a gaping hole in the forest canopy. In those instances, dozens of smaller trees and plants spring up to take advantage of that gap and soak up the new light.

MOORESVILLE, N.C. — Lowe’s has announced the promotion of M. Lee Reeves to SVP, deputy general counsel and assistant secretary. Reeves will continue to report to Gaither Keener, EVP, general counsel, secretary and chief compliance officer.

In his new role, Reeves’ responsibilities include leading the corporate transactions, intellectual property and information technology legal teams.

Reeves joined Lowe’s in 2004 as senior counsel, after serving as a member of a private law firm. 

J.C. Penney marketing chief Mike Boylson is trading the retail game for another type of game entirely: baseball. The 32-year J.C. Penney veteran officially left the company on July 1, and is already hard at work on his next venture: Boylson and a pal are opening a D-Bat baseball and softball training franchise in Allen, Texas, not far from J.C. Penney’s headquarters.