Corporate Governance

PLANO, Texas — JCPenney announced that Canada’s Joe Fresh brand will launch in JCPenney stores beginning March 15, with a collection of modern basics for women. The collection will be displayed in 750-sq.-ft. to 2,500-sq.-ft. dedicated shops in nearly 700 JCP stores.

BATTLE CREEK, Mich. — Kellogg Company has elected Cynthia H. Milligan, dean emeritus of the College of Business Administration at University of Nebraska-Lincoln and trustee of the W.K. Kellogg Foundation, to its board of directors effective Feb. 22, 2013. 

"We are very pleased to welcome Cynthia to our board," said Chairman Jim Jenness. "Cynthia's business acumen and financial experience will be a great asset to our company." 

Salt Lake City -- Overstock.com said Friday it has named Stormy Simon and David Nielsen as co-presidents of the company.

Simon was previously SVP over customer and partner care and, with the promotion, will add oversight of warehouse logistics, press relations, social media and strategic marketing.  
 
Nielsen, promoted from SVP merchandising and supply chain, will add oversight of international sales, talent management and information technology.

Bloomfield Hills, Mich. -- Taubman Centers, owner of Twelve Oaks Mall in Novi, Mich., said Friday that The Cheesecake Factory will make a Michigan debut with a new restaurant opening at Twelve Oaks.

The 8,430-sq.-ft. Cheesecake Factory will open in latter 2013, and will feature French limestone floors, decorative columns, hand-painted murals and contemporary lighting.

Twelve Oaks Mall is anchored by Nordstrom, Macy’s, Lord & Taylor, J.C. Penney, Sears and the Lifestyle Café Food Court.
 

New York -- On the heels of a strong performance in 2012 that included a 7.3% same-store sales increase, Nordstrom Inc. is investing heavily in its future. Two big areas of investment: online and expansion of the Nordstrom Rack outlet division, both in the United States and in Canada.
 
“Rack, direct and Canada will make up approximately half of our sales in the next five years,” Blake Nordstrom, president, Nordstrom Inc., said during the company’s quarterly conference call.  
   

Bridgeview, Ill. -- Rose Paving Company is set to support the efforts of St. Jude Children’s Research Hospital through a multi-event fundraising campaign in 2013. Rose Paving will host a fundraising activity at industry trade shows and events across the country, giving registered attendees the opportunity to help support St. Jude’s mission to find cures for children with cancer and other deadly diseases through research and treatment.

New York -- J.C. Penney has set a March 15 launch date for the debut of its Joe Fresh in-store shop concept. The Canadian fast-fashion apparel brand will be presented in dedicated shops, ranging from 750 sq. ft. to 2,500 sq. ft., in nearly 700 J.C. Penney stores.

The Joe Fresh collection will focus on modern basics for women, with everything priced under $70, according to J.C. Penney.

Canton, Mass. -- Casual Male Retail Group will formally change its corporate name to Destination XL Group, Inc. to reflect the company's transition to its Destination XL format stores and DestinationXL.com e-commerce site. The name change will be effective as of Feb. 25.
   
As previously announced, the company's ticker symbol was changed to "DXLG" effective Dec. 5, 2012.
 

New Albany, Ohio -- Abercrombie & Fitch Co.’s net income rose to $157.2 million for the fourth quarter, compared with $45.8 million a year earlier for a 13-week period. The chain said its net income was calculated using a new system for valuing inventory
 
Sales rose 11% to $1.47 billion for the 14 weeks ended Feb. 2, led by a 34% rise in international sales. (The period, however, includes an extra week compared to year earlier.)

New York -- Wal-Mart de Mexico expects to spend up to $1.4 billion on investments in 2013. But the chain declined to discuss how many stores it will open.

The chain did say that it expects to increase total store space by 8% to 9% in Mexico and 6% in Central America this year.

"We think that the number of stores does not communicate much," said CEO Scot Rank in response to a question by an analyst, Reuters reported.