
Management

J.C. Penney experienced a seismic shift on corporate culture when CEO Ron Johnson took the helm of the company more than a year ago. The new guard didn't like J.C. Penney's old way of doing things at headquarters. Not one bit. Dana Mattioli at The Wall Street Journal spoke with J.C. Penney Chief Operating Officer Michael Kramer about the company's culture and the mass layoffs at the company's headquarters. He's one of the execs brought in by Johnson, who he'd previously worked with at Apple.
Barnes & Noble Founder and Chairman Leonard Riggio has notified the company's board of directors of his intentions to purchase the company's retail business. The process of evaluating a proposal and negotiation of any transaction will be overseen by a strategic committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is chair of the strategic committee.
Office Depot said Wednesday it will buy OfficeMax in an all-stock deal that would transform the office supply retail sector. Boca Raton, Fla.-based Office Depot and Naperville, Ill.-based OfficeMax said holders of OfficeMax shares will receive 2.69 shares of Office Depot for every OfficeMax share they own. That's equal to about $13.50 per share, based on Office Depot's $5.02 per share closing price Tuesday, giving the deal a total value of about $1.2 billion.
Zara has made it clear that it's not headed to Middle America, USA, anytime soon. "The United States is a graveyard of European retailers," the company said recently. "Everyone who has gone there has struggled." Uniqlo reiterated that sentiment, saying the Japanese company is more likely to open a second shop in San Francisco before heading to Los Angeles, and definitely before heading to Chicago. But now Topshop will cautiously go where other fast-fashion chains across either pond won't.
Shocking reports about Amazon.com's alleged treatment of workers is causing a scandal in Germany. The government threatened to cancel the licenses of firms contracted by Amazon to hire temp workers and provide security if the reports were accurate,...
Richard Schulze, founder of Best Buy Co., may abandon a buyout bid and instead line up investors to take a minority position in the electronics retailer, Reuters reported. Schulze informed the Best Buy board in August that he was interested...
Michaels Stores has named Chuck Rubin CEO and a member of the board of directors. Rubin, currently the president and CEO of Ulta Beauty, will assume his new roles after a brief period of transition, at which time Michaels will discontinue...
Toys“R”Us Chief Executive Officer Gerald Storch will step down following a drop in holiday sales at the world’s largest toy-store chain. Storch, 56, joined the company in 2006 after Bain Capital Partners LLC, KKR & Co. and Vornado Realty Trust purchased Toys"R"Us for $6.6 billion. He will remain chairman and stay on as CEO during a search for his replacement, the Wayne, N.J.-based company said today in a statement. While Storch improved profitability, the chain has struggled to boost sales amid competition from Amazon.com and discount retailers Wal-Mart and Target.
Overstock.com, Inc. today announced that its CEO and Chairman of the Board Dr. Patrick Byrne will be taking a personal leave of absence for medical reasons. Overstock.com President Jonathan Johnson will serve...
Everybody loves a turnaround story. RadioShack is betting that the now former president of daily living products and solutions for Walgreens, Joe Magnacca, will help author a turnaround story of its own for the small-box consumer electronics retailer. RadioShack stopped the presses late Thursday evening with news that Magnacca had agreed to join the company as CEO — less than one week removed from his promotion from a corporate senior vice president to executive vice president of Walgreens, in addition to his title as president of daily living products and solutions.