Corporate Governance

New York -- J.C. Penney Co. on Thursday took the wraps off its highly anticipated home department in more than 500 stores nationwide. The new department is made up of a collection of branded in-store shops, including Michael Graves Design, MarthaCelebrations, Happy Chic by Jonathan Adler, and Design by Conran. Each brand is presented in a boutique-like setting, with its own distinct look. The spaces range from about 300 sq. ft. to about 800 sq. ft. each.

FOSTER CITY, Calif. — Visa has signed agreements with three leading mobile point-of-sale providers to enable merchants of all sizes to accept Visa payments using mobile technology. Early adopters include iZettle, SumUp and SCCP Group’s Swiff — all of whom will have their mobile acceptance hardware and software tested and approved for use with Visa payments.

Plano, Texas -- Another executive hired by former J.C. Penney CEO Ron Johnson has apparently left the chain. Kristen Blum, executive VP and chief technology officer, is no longer with Penney, according to various reports that cited a note to investors by Citi analyst Deborah Weinswig. Penney has yet to officially announce her departure, which was also reported by Women’s Wear Daily.

PITTSBURGH — Berkshire Hathaway and an investment fund affiliated with 3G Capital have completed their acquisition of H.J. Heinz Company. 

Heinz shareholders will receive $72.50 in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes. As a result of the completion of the merger, the common stock of Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7.

New York -- Bob Valair, director, energy & environmental management for Staples, will discuss how energy management is helping the retail chain save resources and add to the bottom line during a Chain Store Age Webinar on Tuesday, June 11, 2 p.m. ET (11 a.m PT).

Valair will also discuss Staples’ ongoing partnership with the EnergyStar program.   

Click here to register.

MINNEAPOLIS — Christopher & Banks, a specialty women’s apparel retailer, reported a same-store sales increase of 23% for the 13-week period ended May 4, 2013, as compared to the 13 weeks ended May 5, 2012.

The company’s net sales totaled $109 million, a 16% increase from $94 million for the 13 weeks ended April 28, 2012. During the quarter, the company operated an average of 10.5% fewer stores than during the comparable period last year.

Hoffman Estates, Ill. -- Sears Hometown and Outlet Stores Inc. reported  a 27% drop in first-quarter earnings amid a cool spring throughout much of the country and rising costs.  But the company, a spinoff from Sears Holdings Corp., pointed to improving signs in late spring.

Sears Hometown earned $15 million in the quarter that ended May 4, compared with $20.6 million in the year ago period.

Revenue dropped 3% to $601.1 million. Same-store sales fell 5%.

The world’s largest company held its annual shareholders meeting Friday morning and the most noteworthy development at the event — aside from a $15 billion share repurchase authorization — was a surprise appearance and glowing comments by Hollywood heavyweight Tom Cruise.