Jo-Ann Stores Splits Exec Roles
Hudson, Ohio, Jo-Ann Stores split the role of chairman and CEO within its organizational hierarchy. The company said the change would allow it to accelerate its ongoing strategic transformation while bringing sharper focus to the execution of the strategy and the management of day-to-day operations.
Under the new structure, Alan Rosskamm, currently chairman, president and CEO, will serve as executive chairman with primary responsibility for the strategic direction, vision and culture of the company. An immediate nationwide search will be launched to fill the new position of president and CEO.
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Mary Beth Stone Joins J.C. Penney Board
Plano, Texas, Effective today, Kraft Foods marketing executive Mary Beth Stone has obtained a seat on the J.C. Penney board of directors. Stone is group VP and president of Kraft’s North America Grocery division.
Pennsylvania Mall Under New Ownership
Philadelphia, Pennsylvania Real Estate Investment Trust and Simon Property Group completed the previously announced acquisition of Springfield Mall in Springfield, Pa., for approximately $103.5 million. PREIT and an affiliate of Kravco Simon Investments, L.P., each have a 50% ownership interest in the property. Springfield Mall is a 590,000-sq.-ft. regional mall located approximately 10 miles southwest of Philadelphia. The mall is currently anchored by Macy’s and Strawbridge’s and has more than 70 in-line tenants, including Ann Taylor Loft, Build-A-Bear, Carrabba’s, Charlotte Russe, Gap/Gap Kids, Ruby Tuesday and Yankee Candle. Macy’s and Strawbridge’s own their own buildings and associated parking.
Federated Department Stores, Inc. has announced that it plans to close the Strawbridge’s store in this mall.
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