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Jones Group to close 170 stores, cut workforce
New York -- The Jones Group Inc. announced Monday that it will put into action a series of events designed to shore up profitability, the most significant of which includes shuttering 170 underperforming stores in the U.S. by mid-2014.
The stores identified for closure include 50 units previously announced in the fourth quarter.
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Report: Wal-Mart CEO compensation rose 14% to $20.7 million in 2012
New York -- Wal-Mart Stores CEO Mike Duke received pay package in 2012 worth $20.7 million, up 14% from the previous year, according to an Associated Press analysis of a regulatory filing Monday. Duke's performance-based cash bonus jumped more than 50%.
In the regulatory filing, Wal-Mart said that starting this year, it will tie some of Duke's compensation, along with that of other top executives, to the company's success in strengthening its compliance controls. Traditionally, compensation has been based on financial measures.