News

New York City -- Amazon.com said Thursday it is buying Lovefilm, a European movie rental service akin to Netflix, according to a report by the Associated Press.

Terms of the acquisition were not disclosed.

Lovefilm operates in the United Kingdom, Germany, Sweden, Norway and Denmark. Much like Netflix, it is a subscription-based service through which people can rent movies by mail or watch them on TV or any other device with a high-speed Internet connection. The company also offers TV shows and games.

Dublin, Ohio -- Wendy's/Arby's Group said Thursday it plans to sell off its struggling Arby's quick-serve chain to focus on the Wendy's hamburger business.

The two fast-food chains were combined when Triarc Cos., Arby's parent, bought Wendy's for $2.2 billion in 2008 to create the third-largest publicly held fast-food chain.

Arby's generated about 30% of the company's sales in its third quarter.

At least one analyst feels the sale could bring in $400 million to $600 million.

Lexington, N.C. -- Grocery retailer Save-A-Lot announced Thursday it will break ground on a new 325,000-sq.-ft. food distribution center in Lexington, N.C.

The center is expected to open by December 2011. It is the result of collaboration with the state of North Carolina and its One North Carolina Fund, the North Carolina Department of Commerce, Davidson County and the City of Lexington.

Oak Brook, Ill. -- Inland Real Estate Acquisitions said Thursday it has purchased nine Dollar General stores in Alabama and Georgia for $8.5 million.

According to a report by the Atlanta Business Chronicle, the stores were built in 2010 and all leased to Dollar General Corp. through 2025 with multiple renewal options.

The stores range in size from approximately 9,000 sq. ft. to 10,600 sq. ft.

Little Rock, Ark. -- In a regulatory filing on Wednesday Dillard's said it plans to form a real estate investment trust, with the objective of improving liquidity.

According to the department store retailer, various company entities will transfer interests in properties to the REIT, which will then lease the properties back to them.

"Dillard's believes the formation of a REIT may enhance its ability to access debt or preferred stock and thereby enhance its liquidity," the filing said.

Atlanta -- First Data Corp. said Thursday that it has entered into an agreement with Kohl’s Department Stores to provide payment processing services for the company’s private brand credit-card accounts.

The multi-year agreement calls for First Data to provide Kohl’s with credit-card processing, customer analytics, risk-management services and automated customer service workflow tools.

Financial terms of the agreement were not disclosed.

HOFFMAN ESTATES, Ill. — Fast on the heels of her departure from Ahold USA’s Giant Foods of Landover supermarket unit, Robin Michel has been tapped for an increasingly critical role at retail giant Sears Holdings. Michel, who left as president of Giant-Landover in December 2010, will serve as SVP and president of food and consumables, health and beauty and pharmacy at Sears and its Kmart subsidiary.

SARASOTA, Fla. -- The Retail Industry Leaders Association (RILA) announced that Bill Simon, president and CEO of Walmart stores, and Steven Preston, president and CEO of OakLeaf Waste Management were named to the RILA board of directors, following the board’s semi-annual board of directors meeting held Sunday in Sarasota, Fla.

Simon replaces Walmart vice chairman and president and CEO of global e-commerce and global sourcing Eduardo Castro-Wright.

WEST CHESTER, Pa. -- QVC has announced the promotion of Claire Watts to the newly created position of CEO of U.S., reporting to QVC president and CEO Mike George.  Watts' new position, which is effective immediately, includes responsibility for the overall strategy and operations of QVC's U.S. business.  

CUPERTINO, Calif. -- Apple announced that for its first quarter ended Dec. 25, 2010, it posted record revenue of $26.74 billion and record net quarterly profit of $6 billion, or $6.43 per diluted share. These results compare to revenue of $15.68 billion and net quarterly profit of $3.38 billion, or $3.67 per diluted share, in the year-ago quarter.