News

J.C. Penney CEO seeks customer feedback

BY CSA STAFF

New York — J.C. Penney chairman and CEO Ron Johnson on Monday sent out an email to the chain’s customers detailing how it is returning to the pricing policies its founder James Cash Penney intended.

"While you will see many changes, you can rest assured that we’ll never lose sight of our founder’s values," Johnson wrote. "When James Cash Penney built his first retail stores over a century ago, he called them ‘The Golden Rule,’ because treating customers with respect was his highest priority."

Johnson also described some of the changes going on in the company’s stores.
“We’ve also made it easier to return items, we’re bringing in more great brands, adding excitement to our presentation, offering free back-to-school haircuts for kids, and much more. Basically, we’re putting you and your family first, trying to give you new reasons to smile every time you visit a jcpenney store,” he wrote.

Johnson asked customers to personally tell him how the company is doing and to share ideas they might have to help performance. He included an electronic “I’d like to hear from you” link at the end of the email.

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FINANCE

Wal-Mart to add more detail to financial reports

BY CSA STAFF

New York — Wal-Mart Stores Inc. will adjust its future financial reports to add more detail on legal proceedings and cyber security after U.S. regulators asked the retailer to better explain certain matters in its latest quarterly and annual filings, Reuters reported.

Wal-Mart’s correspondence with the U.S. Securities and Exchange Commission took place in June and July and was made public on Monday.

The letters include a reference to the "legal proceedings" section of Wal-Mart’s quarterly filing, an area under close scrutiny by investors since the New York Times reported an alleged past bribery scheme in Mexico on April 21.

Regarding the quarterly report, the SEC asked the retailer to provide greater detail about the outcome of legal proceedings, such as the range of a possible loss from litigation, Reuters said. If no range could be provided, the SEC asked that Wal-Mart provide a reason why such an estimate could not be given.
Wal-Mart said in its June 22 reply that it would change the disclosure. Instead of reading: "While management cannot predict the ultimate outcome of these matters, management does not believe it will have a material effect on the Company’s financial condition or results of operations," it will now read: "Management does not believe any possible loss or the range of any possible loss that may be incurred in connection with this matter will be material to the Company’s financial condition or results of operations."

Wal-Mart also said it would update disclosures related to the Foreign Corrupt Practices Act matter if any material development occurred, Reuters reported.

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REAL ESTATE

CBL breaks ground on The Crossings at Marshalls Creek

BY CSA STAFF

CHATTANOOGA, Tenn. — CBL & Associates Properties announced that construction has started on The Crossings at Marshalls Creek, a 103,000-sq.-ft. shopping center development in Stroudsburg (Middle Smithfield), Pa.

The shopping center will be anchored by Price Chopper grocery, Rite Aid, STS Tire and Auto Centers and Family Dollar and will feature approximately 22,000 sq. ft. of stores and restaurants. The grand opening is scheduled for June 2013.

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