Corporate Governance

New York -- Facebook will purchase the photo-sharing application Instagram for about $1 billion in cash and stock, company CEO Mark Zuckerberg said Monday. The deal, which is the social-networking company’s largest acquisition to date, is expected to close later this quarter.

Instagram was named iPhone app of the year in 2011.

Facebook will acquire Instagram's entire team as part of the deal.

Matthews, N.C. -- Family Dollar Stores has named Jon Broz to the position of VP and assistant general counsel, litigation.

Broz comes to Family Dollar from Lowe’s Cos.
 

Los Angeles -- CIM Group announced the acquisition of Block 37, a five-story retail center located on the State Street retail corridor in Chicago’s Central Loop.

Block 37 is located directly across the street from Macy’s State Street. It is also in the heart of Chicago’s State Street retail corridor, which boasts a significant concentration of National Historic Landmark, National Register of Historic Places and Chicago Landmark designated buildings and attracts millions of local customers and tourists every year.

New York -- The average vacancy rate at strip malls across the United States edged down for the first time in nearly seven years in the first quarter, falling to 10.9% from 11% in the prior quarter, according to preliminary data by real-estate research company Reis Inc., Reuters reported. It was the first decline in nearly seven years.

But the firm warned consumer spending is still not strong enough to lift retail real estate out of its slump.

By Elizabeth Cogswell Baskin, [email protected]

Retailers are flocking to the visually enticing Pinterest site to engage with consumers. But the site can also be a powerful driver to engage employees.

Why is Pinterest suddenly such a big deal? For one thing, it’s exploding with growth. In September of last year, they had less than 2 million users. Now, it has 20 million users or more.

New York -- State and federal authorities in New Jersey broke up a multistate theft ring that stole merchandise from Home Depot Inc. stores by not ringing up all items at self-checkout counters, the Associated Press reported.

The thieves were active in about 70 Home Depot stores, mostly in New Jersey, and also in New York, Pennsylvania, Delaware, Maryland and Virginia.

NEW YORK— The ax has fallen at JCPenney. The company on Thursday laid off 600 workers from its corporate headquarters Plano, Texas, as its looks to streamline its business model amid a major reinvention of the business. The staff reduction, which equaled 13% to 14% of the headquarters staff, did not include any senior executives, according to The New York Times.

Is Walmart’s private brand White Cloud toilet tissue too good? That’s the question the company has to be asking itself about the product’s specifications after seeing recent test results from Consumer Reports.

FRAMINGHAM, Mass. — Staples has nominated Dr. Drew Faust, president of Harvard University, to its board of directors. The election of directors will take place at the company’s annual meeting, scheduled for June 4.

Walmart is the nation’s largest food retailer, and 140 million people shop its stores each week, yet somehow the company ranked second to last on a ranking of the best and worst supermarkets in America.