News

WASHINGTON -- The National Retail Federation announced that it has urged the House to support a vote to repeal last year’s health care reform law, saying the measure has already begun to discourage job creation and should be replaced with legislation that reduces healthcare costs while protecting jobs.

Bentonville, Ark. -- Wal-Mart Stores on Tuesday denied reports by a Santiago, Chile, newspaper that it would consider opening banks in Chile and Argentina.

The reports are “completely untrue,” Wal-Mart spokesman Kevin Gardner told Bloomberg in an e-mailed response to questions.

WOONSOCKET, R.I. — CVS Caremark has appointed interim leadership for its retail business with Mike Bloom, EVP merchandising and supply chain, and Scott Baker, EVP internal operations and real estate, taking over the management of the retail business for its 7,100 stores nationwide.

Bloom and Baker, who will report to Larry Merlo, president and COO of CVS Caremark, are assuming these duties on an interim basis, pending the completion of the company's search for a new president of CVS/pharmacy.

An announcement last week that Target plans to open 21 stores in the coming fiscal year was interesting on a number of levels.

For starters, the disclosure was rather uncharacteristic for a company that in years past would publicly release its stores openings a week or two in advance of the actual openings. In this case, the company shared its full list of openings for the entire year two weeks before its new fiscal year even begins.

By George F. Brown, Jr., [email protected]

The increased pace of merger and acquisition activity late in 2010, including some huge deals, suggests that 2011 will be an active year. Low interest rates, significant cash on many firms’ balance sheets, and stock prices that are low enough to attract buyers but high enough to move sellers off the sidelines all reinforce that possibility.

Dallas -- Blockbuster has received an extension to Feb. 4 to file its restructuring plan in order to emerge from bankruptcy protection, according to a regulatory filing with the Securities and Exchange Commission.

The retailer filed for Chapter 11 protection in September.

MATTHEWS, N.C. -- Family Dollar Stores announced that it has named Paul White to the position of SVP apparel, home and seasonal.  White will report to Dorlisa Flur, EVP and chief merchandising officer.

New York City -- The shareholders of South African Massmart chain have overwhelmingly accepted Wal-Mart's offer to buy 51% of their company, the chief executive said Monday, paving the way for Wal-Mart to enter Africa.

Massmart said the proposal was approved by 97% of shareholders who voted Monday -- 75% approval had been needed. Wal-Mart offered 148 rand (about $20) per share in a 17 billion rand (about $2 billion) deal.

The deal will have to be approved by South Africa's anti-monopoly regulators.