Financial/Banking

New York -- Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported. Sears announced in January that Lampert would take over as CEO after Louis J. D'Ambrosio stepped down due to family health issues.
    
Lampert’s new contract is effective Feb. 1, according to a regulatory filing yesterday. Lampert also has the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.

New York -- J.C. Penney Co. has 43,000 less workers at the end of its most-recently completed fiscal year (February 2, 2012) than it did a year ago, according to a report filed Wednesday with the Securities and Exchange Commission, the New York Post reported.

The company finished its fiscal year with 116,000 full-time and part-time employees, down from 159,000 associates a year ago, the report said. 
 

New York — The Deloitte Consumer Spending Index remained steady in February primarily as a decline in initial unemployment claims and a rise in real average hourly earnings offset negative forces.

Columbus, Ohio -- DSW Inc. reported Tuesday that net income for the quarter ended Feb. 2 rose to $31.4 million from $23.1 million in the year-ago period. Sales for the fourth quarter increased 15.7% to $594.3 million, and same-store sales rose 3.6%.

For the full year, profit increased to $152.2 million, from $136.1 million in the prior fiscal year. Sales rose 11.5% to $2.26 billion from $2.02 billion.

OAKBROOK TERRACE, Ill. — Redbox, a wholly-owned subsidiary of Coinstar, has named Kiera Hynninen as its SVP marketing and Pamela Smith as its SVP finance. Hynninen will report into Anne Saunders, president of Redbox, and will oversee the company's marketing efforts, including brand growth and a continued focus on strengthening consumer relationships. Smith will report into Galen Smith, incoming CFO of Coinstar, and will be responsible for managing financial planning and analysis, budgeting, financial strategy and deal support for the Redbox line of business.

Washington, D.C. -- The Rappaport Cos. and Principal Real Estate Investors announced a joint venture to acquire retail assets throughout the Mid-Atlantic region.  

The program launched with the recapitalization of approximately 1 million sq. ft. of retail space in four retail centers located in Northern Virginia.  

Boucherville, Quebec, Canada -- Canadian home-improvement chain Rona Inc. announced Tuesday it has named Robert Sawyer as president and CEO, effective next month.

Sawyer was previously an executive at grocery chain Metro Inc.

Rona’s acting CEO Dominique Boies will remain as company CFO.

KANSAS CITY, Mo. — Hostess Brands announced that it has selected United States Bakery's approximately $30.9 million offer as the winning bid for the company's Sweetheart, Eddy's, Standish Farms, and Grandma Emilie's bread brands, four bakeries, and 14 depots, plus certain equipment. 

The United States Bakery offer was selected as the highest and best bid at a March 15 auction. The company will ask the U.S. Bankruptcy Court for the Southern District of New York to approve the transaction at a hearing on April 9.