Strategy

PARAMUS, N.J. — Ikea has officially plugged in the solar energy system installed at its location in Paramus, N.J.

Ikea contracted with REC Solar for the development, design and installation of the customized solar power system. The 132,000-sq.-ft. PV array consists of a 1,063-kW system, built with 4,620 panels. It will produce approximately 1,359,100 kWh of clean electricity annually, the equivalent of reducing 1,033 tons of carbon dioxide, eliminating the emissions of 184 cars or powering 117 homes yearly.

New York -- Private equity firm Oak Hill Capital Partners has acquired an 80% ownership stake in the 25-store natural food chain Earth Fare. The deal values the company at $300 million.

MONTREAL — Dollar stores in the United States have seen much success in recent years (check out Retailing Today's report on Dollar General here) and they appear to be doing just as well north of the border.

New York -- J.C. Penney Co. on Wednesday said that CFO Michael Dastugue will depart the company, effective April 13. Dastugue, 47, has been at J.C. Penney since 1991. He was named CFO in January 2011. His departure is the latest shake-up in management as new CEO Ron Johnson works to transform the chain.

Mike Kramer, COO, will assume the CFO duties on an interim basis while a search for a replacement is conducted. Kramer joined J.C. Penney in December, shortly after his former boss at Apple Inc., Ron Johnson, became J.C. Penney's CEO.

MOORESVILLE, N.C. — Michael Brown, EVP and CIO of Lowe's is retiring after nearly 28 years with the company and has announced plans to accept the company’s voluntary separation program.

Minneapolis -- Best Buy’s announcement on Tuesday morning that its CEO Brian Dunn had resigned the company by mutual agreement has been updated with information that a review is being conducted concerning the former chief executive’s personal conduct.

Best Buy initially said that there were no disagreements or specific problems related to the retailer’s operations, financial controls or procedures. But later in the day on Tuesday it said the company was conducting an internal investigation into his “personal conduct.”

MINNEAPOLIS — Best Buy’s announcement on Tuesday morning that its CEO Brian Dunn had resigned the company by mutual agreement has been updated with information that a review is being conducted concerning the former chief executive’s personal conduct.

Best Buy initially said that there were no disagreements or specific problems related to the retailer’s operations, financial controls or procedures. But later in the day on Tuesday it said the company was conducting an internal investigation into his “personal conduct.”

New York -- Modell’s Sporting Goods announced the promotions of two members on the company’s executive team.

Charles Castaneda has been promoted to executive VP -- planning, allocation, replenishment and e-ccommerce merchandising. Castaneda joined Modell’s in December of 2010 as senior VP – planning, allocation and replenishment.

Todd Smyth has been promoted to VP/GMM of the licensed product division. He has been with Modell’s for the past 12 years.