OPERATIONS

J.C. Penney names Stage Stores COO as CFO

BY Marianne Wilson

Plano, Texas — J.C. Penney Company has named Ed Record as CFO, effective March 24. He will also serve as executive VP. Record, 45, comes to Penney from regional department store chain Stage Stores, where he most recently served as COO and, before that, as CFO.

Record will succeed Ken Hannah, who was hired in May 2012 under former CEO Ron Johnson.

“On behalf of myself and the entire J.C. Penney team, I would like to thank Ken Hannah for his meaningful contributions to our turnaround and wish him success in his future endeavors,” CEO Myron Ullman said.

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SUPPLY CHAIN

Beall’s deploys JustEnough Software’s replenishment, profiling solutions

BY Marianne Wilson

Irvine, Calif. – Beall’s has selected replenishment and profiling solutions from JustEnough Software Corporation, a provider of demand management solutions for retail, wholesale and direct-to-consumer businesses worldwide.

Beall’s utilizes existing legacy systems, so delivering strong, focused product presentations and excellent in-stocks required a high inventory investment and was very time consuming.

“We expect that JustEnough will allow us to continue to maintain a high level of customer service by helping us identify and shift our inventory investment into the styles and sizes that our customers want,” said Victor D’Amato, director of forecasting and replenishment, Beall’s Department Stores, which operates more than 530 stores under the Beall’s Department Store, Beall’s Outlet, and Burkes Outlet nameplates. “Accomplishing this with greater precision and less associate effort than it takes today is our driving goal.”

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FINANCE

American TV & Appliance to close doors

BY Dan Berthiaume

Madison, Wisc. – American TV & Appliance, an 11-store electronics chain with locations in Wisconsin, Iowa and Illinois, is preparing to go out of business. The company is closing stores Feb. 18 and 19 to mark down prices and will launch its going-out-of-business sale at all locations on Feb. 20.

In a brief press release, American TV said difficult economic conditions during the last five years led to the decision to close down. The release also said employees were given advance notice of the closure and will receive compensation with benefits through an unspecified notification period, with most working throughout the closing process.

Media reports indicate the company will lay off close to 1,000 employees and listed assets of $72.56 million and liabilities of $54.7 million in a receivership petition.

“While this is a sad moment, it is also a proud moment,” Doug Reuhl, president and CEO of American CEO, said in a news release. “It’s a moment to be proud of our efforts and to be proud of what we have delivered to the community.”

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