News

New York -- Giving a much-needed boost to J.C. Penney Co., George Soros’ Soros Fund Management bought 17.4 million shares of the troubled retailer, according to a filing with the Securities and Exchange Commission.  

The stake, which was seen as a vote of confidence in returning CEO Mike Ullman, makes the billionaire investor the fourth-largest Penney shareholder, with a 7.9% stake.

MINNEAPOLIS — Supervalu has elected Rite Aid chairman, president and CEO John Standley and Cerberus COO and general counsel Mark A. Neporent to its board of directors.

New York -- A Friday report by CNBC said that Goldman Sachs has lined up a $1.75 billion financing package for J.C. Penney Co., backed by the retailer’s real estate and other assets.

The news, which has not yet been confirmed by Penney, comes a day after investor George Soros reported a 7.9% stake in the company.

Earlier this month, Penney borrowed $850 million from its $1.85 billion revolving credit facility to boost its cash position and buy inventory.

CINCINNATI — Crest and Oral-B Pro-Health have partnered with Texas A&M offensive tackle Luke Joeckel to promote good oral health and help others ‘Go Pro’ in their careers, with a donation to the international nonprofit organization Dress for Success.

MISSISSAUGA, Ontario – Walmart Canada is looking to resolve Canada’s raccoon problem by carrying Great Value Mint-X raccoon repellent garbage bags. 

CLEVELAND — Max-Wellness is set to open the first of its new concept Mini-Max stores in the Center for Healthy Living situated on the 83-acre campus of Moorings Park, an upscale Naples, Fla., retirement community. 

The grand opening will be held May 7 and will feature a number of services for its 700-plus residents and visitors, including medical and exercise facilities, a spa and beauty center and a 75-seat movie theater.

New York -- The U.S. Senate on Thursday voted to move forward with the Marketplace Fairness Act, legislation that would allow states to force retailers to collect online sales taxes, if the states choose to do so.  

PORTLAND, Ore. — ShopIgniter, a company that enables digital marketers to connect brands with social and mobile consumers, is bolstering its executive team, on the heels of updating its platform.