Michael Kramer

Ron Johnson, the former J.C. Penney chief executive who was ousted last year after a controversial attempt to modernize the retail chain, didn't receive severance when he left the company. Johnson and Chief Talent Officer Daniel Walker, who also resigned in April 2013, both didn't receive severance payments, according to a company filing yesterday. Michael Kramer, the former chief operating officer, did get a payout, though the company reduced his termination agreement by $1 million. He was paid a total of $2.35 million last year. The lack of severance serves as an endnote to Johnson's tumultuous career at J.C. Penney.

J.C. Penney is reportedly planning layoffs that could affect all its stores. The department store chain is cutting positions that involve retagging and putting up temporary signs, according to the New York Post. The layoffs are expected to hit all 1,200 U.S. stores.

New York City -- A Thursday report by the Wall Street Journal said that new J.C. Penney CEO Ron Johnson, who recently left Apple to run the department store chain, is recruiting other former Apple players to join the J.C. Penney team. According to the report, J.C. Penney is nearing a deal with Michael Kramer, former CFO of Apple Retail from 2000 to 2005 and currently CEO of Kellwood Co., to join J.C. Penney as its COO. WSJ cited people familiar with the matter, and said Kramer will start at Penney effective Dec. 1. The report also suggested that

Kellwood announced its acquisition of Zobha, a high-performance yoga/fitness apparel and accessories company, according to Michael Kramer, president and CEO of Kellwood. Zobha is the first activewear business to join Kellwood's growing portfolio. Zobha, based out of Mill Valley, Calif., designs for individuals who lead active lifestyles and want clothing that is both functional and stylish.

The acquisition for the Sun Capital asset signifies a continued commitment to retail by the distressed investor. Kellwood Company, the Missouri-based clothing company belonging to Sun Capital Partners, bought ADAM in the first of what is expected to be a series of deals for the firm. Michael Kramer, chief executive and president of Kellwood, said in a statement the company will continue to aggressively expand. Terms of the deal were not disclosed and calls seeking comment were not acknowledged by press time. ADAM was founded by, and named for, its chief executive Adam Lippes; the company’s sportswear is available