News

PLANO, Texas — Personnel changes are quite common these days at JCPenney, the latest involving CFO Michael Dastugue,  who is leaving the company effective April 13. The company has named COO Michael Kramer as interim CFO while a search for a new CFO is conducted.

CHARLOTTE, N.C. — Bi-Lo and Coca-Cola have partnered with the USO to support its Operation Phone Home program, which connects troops deployed overseas with their families back home through, among other things, a private phone network. For every rotisserie meal bundle sold at all Bi-Lo stores, Coca-Cola will donate $1 to OPH, which buys troops about 20 minutes of talk time.

Target’s promotional cadence increased in March, but it was nothing compared with the ramp up in activity at Walmart and Toys“R”Us. To check out Market Track’s monthly review of top retailers’ promotional efforts, click here. 

Less than a year from today Target’s first stores in Canada open and the company encounters a familiar competitive challenge in Walmart as well as some unfamiliar operators.

MOORESVILLE, N.C. — Michael Brown, EVP and CIO of Lowe's is retiring after nearly 28 years with the company and has announced plans to accept the company’s voluntary separation program.

TOPEKA, Kan. — Payless ShoeSource, a business unit of Collective Brands, has named Michele Bergerac SVP and general merchandise manager for Payless' women's and accessories businesses, reporting to LuAnn Via, president and CEO for Payless.

Bergerac will oversee product creation and merchandising for the Women's footwear and accessory collections, covering a range of categories including dress, sandals, casuals and boots for women, as well as accessories including handbags, socks and hosiery, scarves, jewelry and beauty and body products.  

Washington, D.C. -- Import cargo volume at the nation’s major retail container ports is expected to increase 3.2% in April compared with the same month last year, and year-over-year gains should continue through the end of summer, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.

“Retailers are continuing to watch rising gas prices, but job gains and other indicators show the economy is strengthening,” NRF VP for supply chain and customs policy Jonathan Gold said.

New York -- J.C. Penney Co. on Wednesday said that CFO Michael Dastugue will depart the company, effective April 13. Dastugue, 47, has been at J.C. Penney since 1991. He was named CFO in January 2011. His departure is the latest shake-up in management as new CEO Ron Johnson works to transform the chain.

Mike Kramer, COO, will assume the CFO duties on an interim basis while a search for a replacement is conducted. Kramer joined J.C. Penney in December, shortly after his former boss at Apple Inc., Ron Johnson, became J.C. Penney's CEO.

New York -- Private equity firm Oak Hill Capital Partners has acquired an 80% ownership stake in the 25-store natural food chain Earth Fare. The deal values the company at $300 million.

Indianapolis -- Specialty retailer and team dealer Lids Sports Group said Wednesday it has teamed with Internet sports media destination Bleacher Report to launch a Bleacher Report Store site in connection with BleacherReport.com.