Legislative, Regulatory & Legal

J.C. Penney filed a registration statement with the Securities and Exchange Commission late Monday that would allow for activist investor Bill Ackman to unload his entire stake in the company via a secondary stock offering.

According to the J.C. Penney’s filing, Ackman and various Pershing Square investment vehicles he controls plan to sell roughly 39 million shares representing 17.7% of the company’s 220.5 million outstanding shares.

New York -- Starbucks Coffee Co. does not to plan to follow in the footsteps of some other companies that are cutting health insurance benefits or reducing employees working hours in anticipation of the U.S. Affordable Care Act, Reuters reported.

Bentonville, Ark. -- Wal-Mart Stores on Thursday brought together retailers, suppliers and government officials to figure out how they could work together to drive more manufacturing in the United States.

Walmart displayed a powerful commitment to revitalizing U.S. manufacturing this week when the company convened its first ever domestic sourcing summit.

Not only was the event a first for Walmart, it was also unlike anything the retail industry has ever seen. Roughly 1,500 supplier company representatives, government and economic development officials, Walmart’s top executives and dozens of senior merchants participated in the three hour summit held at the Orange County Convention Center in Orlando.

Walmart’s SVP of Home Michelle Gloeckler may not have been among those on stage at the retailer’s domestic sourcing summit, but she is the one leading the execution of massive initiative.

Plano, Texas -- J.C. Penney Co. isn’t taking any chances. The retailer on Thursday announced it has adopted a one-year shareholder’s rights plan to protect itself against any future hostile takeover efforts.

Jacksonville, Fla. -- Stein Mart Inc. reported that its second-quarter net income increased 48%, helped by higher same-store sales. The retailer also announced that the SEC is conducting an investigation related to Stein Mart's restatement of prior years' financial statements and its change in its auditors.

For the quarter ended Aug. 3, Stein Mart earned $3.4 million up from $2.3 million in the same quarter of 2012.

Revenue increased 4%, to $291 million from $280.4 million. Same-store sales rose 6.4%.

Washington, D.C. -- The National Retail Federation issued the following statement from VP for government affairs public relations J. Craig Shearman in reaction to the Federal Reserve’s announcement Wednesday that it will appeal a U.S. District Court judge’s ruling that the cap it set on debit card swipe fees in 2011 was too high.