Strategy

Deerfield, Ill. -- Walgreens said Thursday that it has named retired McDonald’s CEO James Skinner as its new non-executive chairman of the board.

Skinner has served on the Walgreens board since 2005. He will succeed Al McNally, who has been non-executive chairman since 2009.

Walgreens said the change "is consistent with its board of directors succession and rotational planning process."
 

New York -- Marvin S. Traub, Bloomingdale’s president and CEO for 22 years, died Wednesday at age 87. Traub had suffered from bladder cancer.

Traub is credited with turning the Bloomingdale’s Manhattan flagship – at Lexington and 59th – into a showcase. He started as a merchandising manager in 1962, and was named president in 1969.

Harrisburg, Pa. -- Pennsylvania governor Tom Corbett said Thursday that PetSmart will open a new distribution center in Bethel Township, Berks County, Pa.
 
PetSmart will construct an 870,000-sq.-ft. distribution center in Berks Park 78, a new industrial park located in Bethel Township. The company will start construction on the $50 million distribution center in the fall of 2012, with completion expected in first quarter 2014.

The project is expected to create at least 500 new jobs by 2016. 

NEW YORK — The popular British fashion brand Topshop, which has flagship stores in New York, Chicago and Las Vegas, is making its mass retail debut in the United States at Nordstrom this fall.

Beginning Sept. 10, 14 Nordstrom stores will carry an assortment of Topshop and Topman merchandiese. Items will also be available online, making it the only large U.S. retailer to do so.

Santa Ana, Calif. -- A report released Thursday by the New York Times said that three ex-managers of Wet Seal have filed a federal race discrimination lawsuit, claiming bias against African-American employees. The trio alleges the retailer has a high-level policy of firing and denying pay increases and promotions to blacks because they did not fit the retailer’s “brand image,” according to the Times report.

PHOENIX — PetSmart is opening up a new distribution center in Bethel, Pa. in order to better serve its growing store base and increased demands on its supply chain.

WHITE PLAINS, N.Y. — Heineken USA announced that it has brought Indio, a dark beer that has been sold in Mexico since 1893 to the United States. The beer is now available in 6-pack and 12-packs at locations throughout Chicago,Los Angeles, San Diego, San Francisco, Austin, Dallas, Houston and San Antonio.

New York -- Standard & Poor's Ratings Services is further lowering its credit rating on J.C. Penney Co., attributing the move to a continuing weak performance.

J.C. Penney’s corporate credit rating has been lowered to "B+" from "BB-." The junk rating is four notches below investment grade. The move marks the second downgrade from S&P since mid-May.