News

New York -- J.C. Penney Co.’s shares fell 12% on Tuesday to close at $13.93, and nearly reached their lowest levels since 2001, Reuters reported.

It was a rough day for Penney as industry analysts debated the surprising decision to replace ousted CEO Ron Johnson with his predecessor, Myron “Mike” Ullman.

By Robert Passikoff, president, Brand Keys

In 2000, the average tenure of a CEO was 10 years. In 2008, it was down to eight and half, signaling a slightly higher degree of corporate and brand accountability by boards and shareholders. Ron Johnson, the now former-CEO of J.C. Penney, only lasted 17 months.

Dallas -- Alliance Data Systems Corp. announced its retail services business has signed a long-term agreement to provide private label credit card services for Barneys New York.

Dallas -- Tuesday Morning Corp. said total sales for the third quarter ended March 31 increased 3.1% to $178.1 million, from $172.7 million in the year-ago period.

Same-store sales rose 2.8%, boosted by increases in average transaction value and customer traffic.
 
For the nine-month period ended March 31, revenue at stores open at least a year increased 3.7% and total sales rose 3.2% to $636.2 million, from $616.4 million.

The company plans to release its full third-quarter results on April 25.

NEW YORK — Myron E. (Mike) Ullman has rejoined Penney as CEO, effective immediately, replacing Ron Johnson, who is leaving the company. Ullman, who served as CEO of Penney until late 2011, has also been elected to the board of directors.

Johnson’s departure was not all that unexpected given the chain’s mounting losses and sales declines. But it was still a stunning reversal of fortune for the former golden boy of Apple, who left the tech giant amid great fanfare for the top job at Penney.

SAN BERNARDINO, Calif. — Stater Bros. has broke ground on its newest and most modern supermarket in the Redlands Village Shopping Center, which is being developed by Lewis Retail Centers.

The new Redlands Stater Bros. Supermarket will be located on the northwest corner of Lugonia and Wabash Avenues and will replace a smaller Stater Bros. Supermarket located at 1786 Lugonia Avenue. 

ARLINGTON, Va. — The Retail Industry Leaders Association said Monday via a written letter to the House Ways and Means Committee that all corporate tax preferences need to be “put on the table” so that politics can be neutralized and progress can be made.

ARLINGTON, Va. — The Retail Industry Leaders Association said Monday via a written letter to the House Ways and Means Committee that all corporate tax preferences need to be “put on the table” so that politics can be neutralized and progress can be made.

DALLAS — AT&T has partnered with mobile engagement solutions provider, Scanbuy to help businesses launch more engaging QR code campaigns. 

Working with Scanbuy, a global provider of mobile engagement solutions, the enhanced features include the ability to:

• Execute creative campaigns with codes that can help trigger actions such as link to a video, prompt a phone call, or generate an email.

NAPERVILLE, Ill. & BOCA RATON, Fla. — OfficeMax and Office Depot have announced the committee members tasked with overseeing the process to select a CEO for the combined company and selection of the executives who will help to manage the integration planning process.