News

New York -- Standard & Poor's Ratings Services is further lowering its credit rating on J.C. Penney Co., attributing the move to a continuing weak performance.

J.C. Penney’s corporate credit rating has been lowered to "B+" from "BB-." The junk rating is four notches below investment grade. The move marks the second downgrade from S&P since mid-May.
 

Cary, N.C. -- The Pantry said Thursday that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.

Minneapolis -- Grocery giant SuperValu Inc. reported Wednesday that profit for the quarter ended June 16 plummeted 45% to $41 million, compared with $74 million in the year-ago period. The struggling parent to Albertsons, Jewel-Osco and Save-A-Lot grocery banners, among others, had begun to show improvement in its fourth quarter, but tumbling revenues have halted the forward momentum.

Sales dropped to $10.59 billion, from $11.11 billion in the same period last year, and missed Wall Street’s forecasted $10.61 billion in revenue.

BOCA RATON, Fla. — Office Depot is supporting Lady Gaga's Born This Way Foundation by offering an exclusive line of products designed to empower youth and inspire bravery.

NEW YORK — Macy’s has partnered with celebrity chef Marcus Samuelsson for an exclusive cookware collaboration with celebrity chef and Macy’s Culinary Council member, Marcus Samuelsson. The “Marcus Samuelsson American Table for Belgique” collection will launch in September 2012, exclusively at Macy’s and on Macys.com.

CHICAGO — Retail sales and foot traffic will see a boost in late summer as the back-to-school season looms, according to the latest ShopperTrak report.

After a sharp decline in 2009, year-over-year back-to-school sales improved only 1.8% in 2010 before increasing 4.5% in 2011, ShopperTrak noted. Year-over-year retail foot traffic percentages also have declined during the past four back-to-school shopping seasons. When compared with the same period last year, however, 2012 sales will rise 4% in August, and retail foot traffic will increase 1.5%.

DENVER — ShopAtHome.com, a coupon search engine, announced that Tim Mayer has joined the company as VP marketing.
 
In his new role, Mayer will be responsible for spearheading this objective, overseeing user experience and member engagement.

LOS ANGELES — Katie Bayne, president and general manager of sparkling beverages for Coca-Cole North America, has been elected to the American Film Institute's board of trustees.

CHARLOTTE, N.C. — Actress Jennifer Garner, on behalf of Save the Children is teaming up with Frigidaire, makers of the Affinity Front Load Washer, to invite families everywhere to share their "Adventures in Clean."

Consumers can go to Frigidaire's Facebook page to create and share movie posters chronicling their personal adventures in clean for a chance to win a new Frigidaire Affinity washer and dryer as well as a trip to Hollywood for the "The Odd Life of Timothy Green," starring Garner, premiere.

ABILENE, Kan. — Alco Stores has promoted Brent Streit to SVP marketing and e-commerce.

Streit, a native of Downs, Kansas and a graduate of Kansas State University with a Bachelor of Science degree in Marketing, has more than 20 years of experience in retailing. In 2001 he joined Alco, then known as Duckwall-ALCO Stores Inc., as a buyer. Since then he has held increasingly responsible positions in supply chain management, marketing and business development.