Trading Partners

Saratoga, Calif. — Fuddruckers is expanding its footprint in Southern California through a new franchise development partnership with Keilah LLC.

The partnership will open ten new Fuddruckers over the next several years. The first is slated to debut by early 2015.

Bolinbrook, Ill. – Ulta Beauty will open 12 new stores in DDR shopping centers by year-end 2013.

The stores will open in DDR shopping centers in the towns of Salisbury, Md., Charlotte, N.C., Richmond, Va., Cleveland/Akron, Ohio, Toledo, Ohio, Hartford, Conn., Salt Lake City, Denver, St. Louis, and Lansing, Mich. Year-to-date, Ulta and DDR have opened six new stores, and are scheduled to open an additional six stores prior to year-end, bringing Ulta's total store count to 43 locations across DDR's portfolio.

Walmart awarded a $500,000 grant to the Northwest Arkansas Council to support the advancement of healthy living and economic improvement initiatives throughout Northwest Arkansas. 

The grant is part of a three-year commitment by Walmart to fund the Greater Northwest Arkansas Development Strategy, a regional growth and development plan spearheaded in 2010 by the Northwest Arkansas Council, local chambers of commerce and other organizations. 

New York -- Steven Roth, chairman and CEO of Vornado Realty Trust, resigned from the board of J.C. Penney as company plans to sell its stake in the chain.

In a filing on Friday, with the U.S. Securities and Exchange Commission, Vornado said it will exit Penney in the “not-too-distant future. The company owns about 6.1% of Penney’s shares.

Boston — A group of private equity companies, including Advent International and CDIB Capital, have joined together to acquire a significant equity position in International Coffee & Tea, which owns and operates stores under The Coffee Bean & Tea Leaf banner, with an eye on expanding in Asia. Other investors participating in the transaction include Mirae Asset Private Equity and the Sassoon family (the latter is the largest existing shareholder of The Coffee Bean, and is remaining as a substantial shareholder).

Toronto -- Shareholders of Canada’s Shoppers Drug Mart voted in favor of the drugstore chain’s proposed acquisition by Loblaw Cos.

The transaction was approved by approximately 99.89% of the votes cast by all of the Shoppers Drug Mart shareholders eligible to vote.

As previously reported, Loblaw Cos. and Shoppers Drug Mart announced on July 15 a definitive agreement under which Loblaw will acquire Shoppers Drug Mart for C$12.4 billion in cash and stock.

New York -- The planned merger between Saks Inc. and Hudson’s Bay Company (HBC) took another step forward with the expiration of the 40-day “go shop” period for Saks on Sept. 6. As previously disclosed, the merger agreement entered into on July 28, 2013 between Saks and HBC contained a 40-day “go-shop” period during which Saks was permitted to solicit alternative proposals from third parties.

Richfield, Minn. -- Hubert Joly, president and CEO of Best Buy Co., Inc., exercised and sold 350,467 stock options and sold 100,686 shares of company stock on Sept. 6. Joly sold the stock due to circumstances relating to his divorce that was concluded in June of this year.

“As reflected in the Form 4, Joly's holdings remain substantially in excess of his 140,000 share ownership target under the company's executive stock ownership guidelines following the reported transaction,” Best Buy said in a press release.

Arlington, Va. –The Retail Industry Leaders Association (RILA) has named Annette Guarisco as executive VP for public affairs, effective Oct. 1. Guarisco will oversee RILA’s federal and state government affairs, as well as the association’s communications efforts.

Guarisco joins RILA following more than 11 years as a senior executive at General Motors, most recently serving as executive director of global public policy.

Houston — Transwestern’s Houston headquarters today announced that it is acquiring Richards Barry Joyce & Partners, a full-service real estate firm based in Boston. It will become Transwestern’s 34th U.S. office.