US: The Great Atlantic & Pacific Tea Company has filed for bankruptcy after struggling with debt and falling sales. The company, which owns A&P, Pathmark, Super Fresh and other grocery stores, will have access to £505m ($800m) of financing, which will allow it to continue paying suppliers and staff.

"It will allow us to restructure our debt, reduce our structural costs and address our legacy issues," said A&P president and CEO Sam Martin.

INDIA: Reckitt Benckiser has agreed to buy India's Paras Pharmaceuticals from current shareholders, including the Patel family and emerging markets private equity investor Actis, for £460m. Reckitt said it would finance the deal using existing facilities. Paras, supplier of the Dermicool and Itch Guard brands, generated net sales of £56m in the year to March 2010.

SWEDEN: Nordic retailer ICA Group has lost a £111m tax claim against Sweden's County Administrative Court, prompting concerns that majority shareholder Ahold could be saddled with significant charges. The dispute related to interest deductions for the period 2004-2008, previously reported in annual and interim reports. ICA said it would lodge an appeal with the Administrative Court of Appeal.

RUSSIA: Walmart has closed the Moscow office it opened last year. The retailer, which had hoped to use the office to boost its presence in the region, blamed its failure to find a clear acquisition partner to help it expand. Walmart International CEO Doug McMillon said the Russian market was still "a compelling retail opportunity" and that it would continue to pursue market entry opportunities.

CHINA: Marks & Spencer opened its third store in Shanghai this week. The new 16,000 sq ft store is located in Skymall, the largest shopping centre in the Min Hang District, which attracts more than 500,000 visitors a week.

"With a population of 20 million, Shanghai offers an exciting opportunity to focus our business and we have secured a prime shopping location for the third store," said M&S CEO Marc Bolland.