OPERATIONS

J.C. Penney selling Martha Stewart-designed goods while court battle rages

BY Katherine Boccaccio

New York — A Monday report by Reuters said that J.C. Penney has begun selling the Martha Stewart “JCP Everyday” lines of home goods, without waiting for a decision from the New York court.

According to Reuters, Penney general merchandise manager Paul Rutenis testified in New York State Supreme Court on Monday that "as of today, those products are on the floor and online."

A judge ruled earlier this month that J.C. Penney could sell certain Martha Stewart designed goods under the "JCP Everyday" label, at least until an appeal by Macy’s is decided. A ruling on the appeal could come as early as this week.

J.C. Penney decided in September to manufacture the goods under the "JCP Everyday" label after it was prohibited last summer from selling them under Martha Stewart’s name, according to Rutenis’ testimony, who also said that Penney would suffer "substantial harm" during the spring 2013 season if it couldn’t sell the already manufactured items, valued at $100 million.

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FINANCE

Walmart exceeds $1 billion in philanthropic giving

BY Katherine Boccaccio

Bentonville, Ark. — For the first time in the retailer’s history, Wal-Mart Stores Inc. said that, through Walmart and the Walmart Foundation, it has given more than $1 billion in cash and in-kind contributions.

The Monday announcement makes Walmart the first U.S. retailer to achieve the $1 billion in giving mark, up from $872.7 million last year. The growth in global giving was largely due to increased in-kind donations in the U.S. to local food banks and families impacted by disasters.

"At Walmart we believe in taking care of our neighbors and our communities," said Leslie Dach, EVP corporate affairs, Walmart. “One way we can do that is through our giving, and we’ve tried to step up in a big way."

The company’s focus has been on hunger relief, job training and support of local schools.

In addition to the more than $1 billion from Walmart and the Walmart Foundation, Walmart and Sam’s Club customers and associates around the world raised $156.3 million for local organizations such as the Salvation Army and Children’s Miracle Network Hospitals.

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OPERATIONS

Cabela’s puts succession plan in motion

BY Katherine Boccaccio

Sidney, Neb. — Cabela’s Inc. said Monday that its co-founder and chairman Richard N. Cabela has transitioned to the role of chairman emeritus, effective June 5, as part of the company’s succession plan.

Dick’s brother, James W. Cabela, co-founder and currently vice chairman, will become chairman following the June 5 annual meeting of shareholders.

“We are … pleased our long-term succession plans once again worked,” Tommy Millner, CEO, said. “This has been a key focus over the past four years for our management team and board of directors at every level of leadership within the organization.”

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M.Dai says:
Apr-23-2013 11:03 am

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M.Dai says:
Apr-23-2013 11:03 am

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