Labor & Employment

New York -- Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

Fitch also cited the company’s cash burn rate, calling it a “significant concern.”

Philadelphia – Five Below plans to open a new distribution center in Oldmans Township, New Jersey, in 2015. The center will replace an existing 421,000-sq.-ft. facility located in New Castle, Delaware.

Five Below will occupy approximately 700,000 sq. ft. of the facility to start with, and plans to grow to one million sq. ft. over time. The new distribution center, which is expected to be fully operational in the second half of 2015, will support the company's continued growth and expansion on the East Coast.

Atlanta – A Home Depot customer has reportedly filed a lawsuit against The Home Depot Inc. alleging the retailer did not properly protect consumer data from the recent cyber attack that occurred. According to Reuters, Illinois resident Kelsey O’Brien filed the suit Sept. 9 in Chicago federal court.

Starboard Value CEO and chief investment officer Jeffrey Smith has resigned from the Office Depot board, effective immediately. The company’s nominating and governance committee plans to start a search for a replacement.

Duluth, Minn. -- Maurices, a subsidiary of the Ascena Retail Group, announced that Ali Wing has been named chief marketing officer, executive VP of digital commerce. Wing joins Maurices after 10 years as CEO and founder of giggle, a multichannel retailer, wholesaler and licenser of baby products.

Maurices, a subsidiary of the Ascena Retail Group, announced that Ali Wing has been named chief marketing officer, executive VP of digital commerce. Wing joins Maurices after 10 years as CEO and founder of giggle, a multichannel retailer, wholesaler and licenser of baby products.

Plano, Texas – J.C. Penney Company Inc. is raising capital by selling $350 million worth of senior notes due in 2019. The proceeds will mostly be used by pay off fees and expenses related to previous senior notes offering coming due in 2015, 2016 and 2017.

As part of its continued long-term profitable growth strategy, Toys“R”Us has appointed a number of executives to key leadership roles.