Retail

New York -- Giving a much-needed boost to J.C. Penney Co., George Soros’ Soros Fund Management bought 17.4 million shares of the troubled retailer, according to a filing with the Securities and Exchange Commission.  

The stake, which was seen as a vote of confidence in returning CEO Mike Ullman, makes the billionaire investor the fourth-largest Penney shareholder, with a 7.9% stake.

Electrolux reported net sales decreased 2% to $25.3 million compared with the same period last year. On an organic basis, adjusted for acquisitions, divestments and changes in exchange rates, sales increased 3.8% compared with the same period last year.

New York -- A Friday report by CNBC said that Goldman Sachs has lined up a $1.75 billion financing package for J.C. Penney Co., backed by the retailer’s real estate and other assets.

The news, which has not yet been confirmed by Penney, comes a day after investor George Soros reported a 7.9% stake in the company.

Earlier this month, Penney borrowed $850 million from its $1.85 billion revolving credit facility to boost its cash position and buy inventory.

NEW YORK — Avon has announced that nonexecutive chairman Fred Hassan has resigned his position after just four months so he can focus on other professional commitments.

Hassan serves as a nonexecutive chairman of Bausch + Lomb and is a managing director and partner at Warburg Pincus LLC. He also serves on Time Warner’s board.

GOODLETTSVILLE, Tenn. — Dollar General and Procter & Gamble are teaming up to honor a Florida mom as its official Every Day Hero for the month of May.

SEATTLE — Starbucks reported that its second-quarter profit rose 26% to $390.4 million, up from $309.9 million last year, amid sales increases in the Americas and Asia regions.

Total net revenue for the quarter ended March 31 rose 11% to $3.56 billion, not quite the $3.58 billion Wall Street expected. Global same-store store sales grew 6%, driven by a 4% increase in traffic and a 2% increase in average ticket, marking the 13th consecutive quarter of global comp growth greater than 5%. 

New York -- The U.S. Senate on Thursday voted to move forward with the Marketplace Fairness Act, legislation that would allow states to force retailers to collect online sales taxes, if the states choose to do so.  

LOS ANGELES — Yowza, a leading mobile coupon app for iPhone and Android, has announced that more than 70,000 locations nationwide now accept Yowza coupons.