News

PLANO, Texas — Another former Apple executive has joined the ranks at JCPenney. The company announced Wednesday that Kristen Blum, a former director of supply chain and International retail for Apple Inc., has been named EVP and chief technology officer, effective Jan. 23. 

Blum reports to COO Mike Kramer, and has responsibility for the  company's JCP.com business and information technology systems.

Minneapolis -- Target Corp. on Wednesday announced it is temporarily suspending its efforts to sell its credit-card-receivables portfolio until later this year or early 2013. The company also outlined plans to pay J.P. Morgan Chase & Co. about $2.8 billion, along with a make-whole premium, to retire financing from 2008. The payment, along with a premium, is expected to reduce its fourth-quarter earnings by about 8 cents per share.

BENSALEM, Pa. — Charming Shoppes announced that Elizabeth Crystal has joined Lane Bryant as SVP, chief marketing officer.

Crystal will develop and lead the brand positioning, marketing, and advertising strategies for the Lane Bryant and Cacique brands. She will serve as the brand strategist, working with senior leadership to elevate and expand the brand's presence, the company said.

MINNEAPOLIS — Target announced that it has temporarily suspended its efforts to sell its credit card receivables portfolio. The company said it remains committed to selling the portfolio on appropriate terms, but based on discussions with potential partners the company has determined that it is not in its best interests to finalize a transaction at this time.

Woodland Hills, Calif. — Great American Group, a provider of asset disposition, valuation and appraisal services, has appointed Mike Wyse to a new VP position at the company.

In the new role, Wyse will focus on generating revenue through the cross-promotion of all Great American Group’s services with an emphasis on the retail services sector. 

NEW YORK — The National Retail Federation has announced the newest executives elected to serve on its board of directors. The announcement was made during NRF's 101st Annual Convention in New York.
Each new board member will serve a three-year term. Macy’s Inc. chairman, president and CEO Terry Lundgren was re-elected to serve another full-year as  chairman of the NRF Board. 

The new executives elected to serve on NRF board of directors include:

• Thomas Belk, chairman and CEO, Belk Inc.

New York City -- Menards is considering a new store in a Springfield, Mo., shopping mall -- as long as it isn’t included in the development’s community improvement district (CID), according to an article in the Springfield News Leader.

The Eau Claire, Wis.-based home improvement chain is planning a 162,000-sq.-ft. store in the Hickory Hills Marketplace, which levies a 1% tax on tenants to help pay back the cost of public improvements at the development.

Armonk, N.Y. -- IBM announced that Abercrombie & Fitch Co. is working with IBM software to help the company transform its online business to achieve greater speed and efficiency. The initiative is part of Abercombie's strategic goal to expand its direct-to-consumer capabilities and drive its e-commerce business to $1 billion.