FINANCE

Report: J.C. Penney in talks for $500 million loan

BY Katherine Boccaccio

New YorkThe Wall Street Journal reported Thursday that J.C. Penney is now in talks with Wells Fargo and at least two other investment firms, seeking a $500 million loan to shore up the beleaguered retailer’s cash reserves.

Citing unidentified sources, WSJ said that Penney is also in talks with private-equity firm TPG and with investment company Gordon Brothers, along with Wells Fargo, as Penney casts a wider net to stay afloat.

The $500 million loan, according to WSJ’s sources, would come due in five years and be backed by Penney’s inventory, accounts receivable and intellectual property.

While Penney nor the financial companies have commented on the discussions, the sources said that the talks are currently active and a deal could be reached within days.

Penney had announced earlier in the week that it borrowed $850 million from its $1.85 billion revolving credit facility.

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Apr-21-2013 09:15 pm

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News

RadioShack expands senior management team

BY CSA STAFF

FORT WORTH — RadioShack has named Jennifer Warren as its new SVP and CMO, and Michael DeFazio as its new SVP of store concepts.

Warren’s responsibilities will include leading all aspects of RadioShack’s brand strategy, advertising, corporate communications, social media and online customer experience. She has experience developing strategy and building top-tier brands in the retail and mobile categories, including Samsung, Walmart, Sam’s Club, Marshalls, TJ Maxx, Zales, World Market, Land Rover, Charles Schwab, Kinko’s, Dell, Chili’s and Hallmark. Her experience includes leadership roles with agencies Razorfish, GSD&M and T-3.

"We are delighted to welcome Jennifer to the RadioShack team," said Joe Magnacca, CEO. "She joins us at an exciting and critical time in RadioShack’s history, as we set the stage for our stores’ and the brand’s evolution and growth. Jennifer has a proven track record of transforming brands from the inside out, by aligning with its purpose to create a compelling, meaningful and fun experience for consumers. This fits exactly with what our near-term plans are for RadioShack."

DeFazio’s responsibilities include the conceptualization, design, development and implementation of a new shopping experience for RadioShack consumers. He has more than 36 years of retail experience, including 30 years in store operations and merchandising. During the last six years, he led the transformation of store concepts for two retailers as both companies moved to become health and daily living destinations. During his tenure with Walgreens from 2011 to 2013, DeFazio established the Walgreens Well Experience store and all flagship stores for the company.

"I have worked with Mike since 2008, and know that he has a unique ability to reinvent the shopping experience from the outside in," said Magnacca. "He starts from the consumer perspective, and combines his experience as an operator and merchandiser with his talents as a visual and experiential designer to deliver an exciting, compelling and fun shopping experience to the store. Mike has been with the company only a few weeks, and he already has begun work on the transformation of our stores. We will be unveiling these new store prototypes over the next several months.”

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OPERATIONS

RadioShack beefs up executive team; new prototypes in works

BY Marianne Wilson

Fort Worth, Texas — RadioShack Corp. formally announced that it has named two new leaders to its senior management team. Michael DeFazio has been named SVP – store concepts, and Jennifer Warren has been named SVP and chief marketing officer.

DeFazio’s responsibilities include the conceptualization, design, development and implementation of a new shopping experience for RadioShack consumers. He brings more than 36 years of retail experience to the company, including 30 years in store operations and merchandising. During the last six years, he led the transformation of store concepts for two retailers as both companies moved to become health and daily living destinations. During his tenure with Walgreens from 2011 to 2013, DeFazio established the Walgreens Well Experience store and all flagship stores for the company.

"I have worked with Mike since 2008, and know that he has a unique ability to reinvent the shopping experience from the outside in," said Magnacca. "He starts from the consumer perspective, and combines his experience as an operator and merchandiser with his talents as a visual and experiential designer to deliver an exciting, compelling and fun shopping experience to the store. Mike has been with the company only a few weeks, and he already has begun work on the transformation of our stores. We will be unveiling these new store prototypes over the next several months.”

Warren’s responsibilities will include leading all aspects of RadioShack’s marketing: brand strategy, advertising, corporate communications, social media, and online customer experience. Her experience includes leadership roles with agencies Razorfish, GSD&M and T-3.

"She joins us at an exciting and critical time in RadioShack’s history, as we set the stage for our stores’ and the brand’s evolution and growth,” Magnacca said. “Jennifer has a proven track record of transforming brands from the inside out, by aligning with its purpose to create a compelling, meaningful and fun experience for consumers. This fits exactly with what our near-term plans are for RadioShack."

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