Department Store

MINNEAPOLIS — Best Buy Co. said Monday it is buying out its joint venture partner, Carphone Warehouse Group PLC, in its fast-growing North American mobile business for $1.34 billion. As part of the reorganization of its relationship with the U.S. consumer electronics giant, Carphone Warehouse will shutter the 11 pilot big-box Best Buy stores it opened last year in the United Kingdom.

City of Industry, Calif. -- Hot Topic Inc. said that its CEO, Lisa Harper, 52, has also been named its board chairwoman.

Former chairman Bruce Quinnell will stay on as chairman of the audit committee, but he will not seek re-election to the board when his term ends in June, the company said.

The company also said Matthew Drapkin was named lead director.
 

Garden City, N.J. -- Sabre Real Estate Group said that Beth Lamport has joined the firm as executive VP.

Previously a director at Breslin Realty, Lamport also was a broker at Polimeni Realty and spent more 20 years as a marketing executive at Federal Department Stores, which owned Macy’s, Bloomingdale’s, Filene’s and Stern’s and now is known as Macy’s Inc.

Target said it plans to close stores in Broomfield, Colo., Raleigh, N.C., Orlando and Portland by the end of its fiscal year in late January.

Middletown, N.Y. -- Brixmor Property Group announced a 56,491-sq.-ft. Hobby Lobby recently opened at Fairview Corners, located in Middletown, N.Y.

Brixmor, based in New York City, is the owner of Wallkill Plaza.

MINNEAPOLIS — Target shoppers have a new incentive for joining the retailer's REDcard Rewards loyalty program: free shipping on Target.com. In addition, for the first time Target Debit Cards can be used on Target.com, the company said.

New York City -- A homeless man was charged with murder Thursday for a baseball bat attack on a 74-year-old Lakewood man in a Southern California Walmart, the Associated Press said.

Richard Lawrence Kalfin was charged with murder with a special allegation that he used a deadly weapon. He faces 57 years to life in prison if convicted and remained jailed on more than $1 million bail.

Columbus, Ohio -- Limited Brands, parent to Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, said Thursday it will buy back up to $250 million of its shares.

The new share repurchase program follows the completion of a $500 million share repurchase program. So far this year, Limited has repurchased $1.1 billion worth of its stock.