Finance & Capital Management

Dallas -- J.C. Penney on Monday unveiled a restructuring plan, which includes close five department stores and one home store, because they are no longer profitable enough. The retailer named William Ackman to its board after the activist investor became its biggest shareholder

Oakbrook, Ill. -- McDonald’s Corp. said net income for the fourth quarter, ended Dec. 31, 2010, rose 2.1% to $1.24 billion from $1.22 billion a year earlier.

Revenue increased 4% to $6.21 billion in the fourth quarter from $5.97 billion a year earlier. Global same-store sales rose 5% in the quarter, reflecting increases of 4.4% in the United States, 3.4% in Europe and 5.5% in the Asia/Pacific, Middle East and Africa division.

Activist investor and hedge fund executive Bill Ackman has accomplished at J.C. Penney what he was unable to do at Target. He secured a seat on the department store retailer’s board after purchasing a bunch of shares and will now be able to push for strategies to increase shareholder value. Joining Ackman on the J.C. Penney board is another large shareholder, Steven Roth, chairman of Vornado Realty Trust.

New York City -- TF Cornerstone announced that it has inked a 10-year lease for approximately 3,500 sq. ft. with Brother Jimmy’s BBQ.

The company will be headquartered at 521 West Street at 95 Horatio Street, using the space to house the company’s corporate offices, commissary and catering facility.

Fort Worth, Texas -- RadioShack said Monday its chairman and CEO Julian Day is leaving and announced disappointing fourth-quarter guidance. Day, 57, will retire as chairman, CEO and a director as of its annual shareholder meeting on May 16.

The company brought on former investment banker Day -- best known for pulling Kmart out of bankruptcy -- as chairman and CEO in 2006 to help turn around results.

Target has never claimed to have the lowest prices, but it might want to rethink that strategy now that it has the benefit of its REDcard loyalty program.

WOONSOCKET, R.I. – The next chapter for CVS Caremark officially is under way as the company announced on Monday the next stage of its previously announced transition plan and officially named Larry Merlo, president and COO, as CEO, effective March. 1.

Tom Ryan, chairman, president and CEO, will remain nonexecutive chairman until his retirement at the company’s annual meeting of shareholders in May.

Princeton, N.J. -- NAI Global said it has named Art Carll as senior VP for the commercial real estate firm.

Carll previously served as the executive managing director of NAI Las Vegas and regional manager for the Western Region for NAI Global.

Carll will be focused on business development and service delivery with NAI Global’s Special Asset Solutions and Corporate Solutions groups in the West, as well as supporting NAI members throughout the Western region.