JCPenney Co.

New York City -- Scathing letters continued flying back and forth on Friday, between activist investor Bill Ackman and the J.C. Penney board of directors — each attacking the other’s handling of the CEO search process and timing.

Then, CNBC reported that Perry Capital, a 7% Penney stakeholder, has weighed in as well, and will file a 13-D urging the board to immediately remove Mike Ullman as CEO, and replace his leadership with Allen Questrom as chairman and Footlocker’s Ken Hicks as CEO.

Plano, Texas -- According to multiple reports on Thursday, J.C. Penney will replace Myron “Mike” Ullman as CEO, and the search pace is being pressured by top investor Bill Ackman.

Penney, which has not commented on the reports, is being pushed to name a new CEO in 30 to 45 days, revealed in a letter Ackman sent to the retailer’s board of directors. Ackman also told board members that former Penney CEO Allen Questrom would return as chairman if the retailer chose a new CEO he liked.

In one of the stranger situations in retail right now, J.C. Penney is defending itself against charges by activist investor Bill Ackman that it’s not moving fast enough to hire a full time CEO and remedy a situation that Ackman created when the guy he picked nearly destroyed the company.

Plano, Texas – J.C. Penney has named Debra Berman as senior VP marketing. Berman previously served as VP marketing strategy and engagement at Kraft Foods Group since 2009.

Efforts to revitalize the J.C. Penney brand are now under the leadership of Debra Berman, a former Kraft and advertising executive who was named SVP of marketing at the struggling retailer.

Berman most recently served as vp of marketing strategy and engagement at Kraft where she was responsible for marketing strategy and engagement, directing global brand strategy and customer engagement for all Kraft-owned brands and leading Kraft's marketing communications Center of Excellence.

New York – The long-running legal dispute over whether J.C. Penney has the right to sell Martha Stewart Living products appears to be nearing a conclusion. The Wall Street Journal reports that lawyers for Macy’s, which is suing Martha Stewart Living Omnimedia alleging a breach of contract giving Macy’s exclusive rights to sell Martha Stewart Living, Martha Stewart Living Omnimedia, and Penney, which may face fines and/or a ban on selling Martha Stewart Living products, all gave closing arguments in New York State Supreme Court yesterday.

New York -- J.C. Penney on Thursday said that reports claiming CIT Group Inc., the largest lender in the apparel industry, had stopped funding some shipments to Penney were untrue. The retailer said it has plenty of cash on hand and all major suppliers were still shipping.

“J.C. Penney continues to have the support of all of its key vendors, who have maintained their shipments to the company," the company said in a statement on Thursday.

New York -- CIT Group Inc., the largest commercial lender in the U.S. apparel industry, has stopped supporting deliveries from smaller manufacturers to J.C. Penney stores, the New York Post reported on Wednesday.

The reason for the crackdown could not be immediately confirmed, the report said, but insiders speculated that CIT got nervous after getting a peek at Penney’s financials.

New York -- Walmart had the top online retail site for back-to-school shoppers last week, according to sales data and analysis from Experian Marketing Services (EMS). Rounding out the top five: J.C. Penney, Macy’s, Office Max and Sears. 

Experian noted that brick and mortar stores are getting the majority of search traffic to date. The company also said that offers in subject lines were present on 37% of back- to-school email, and generated 57% of total email revenue in 2012. 

OAK BROOK, Ill. — J.C. Penney is donating a 5,500-square-foot center in the North Riverside Park Mall in North Riverside, Illinois to assist efforts of the Cook County Regional Organized Crime Task Force in combating retail organized crime. The center will house law enforcement offices for various police departments, government agencies and retailers for the purpose of hands-on training and collaboration.