S&P 500 drops J.C. Penney
Plano, Texas – J.C. Penney will no longer be included on the Standard & Poor’s 500 Index.
Dow Jones Indices, which manages the S&P 500 as well as many other financial indices, said on Nov. 22 that Allegion, an Ireland-based provider of mechanical and electronic security products, will replace Penney on the S&P 500. Penney will join the S&P MidCap 400. The change will become effective after the stock market closes on Nov. 29.
Penny is getting dropped from the S&P 500 in the wake of a turbulent year that has seen its stock value drop 55% this year. Penney also recently reported a larger-than-expected third quarter net loss of $489 million. However, the retailer has shown some small encouraging signs recently, including reporting its first monthly same-store sales increase since November 2011 in October 2013 and seeing its stock value rise 18% since Nov. 1. So far the retailer has not publicly commented on this decision.
Former Loblaws exec tapped as Shopko CEO
Shopko has named retail industry veteran Peter McMahon as its new CEO.
McMahon has more than 30 years of experience in international retail. Most recently McMahon served as the COO at Loblaws. As COO, McMahon was responsible for Loblaws’ supply chain, IT, HR, labor relations, merchandising, store operations and loss prevention functions. Prior to his time at Loblaws, McMahon held senior-level positions at Walmart in Germany and Japan and Tesco in central Europe.
“We are fortunate to have such a successful and distinguished retail executive like Peter McMahon join the Shopko team,” said T. Scott King, senior managing director for Sun Capital Partners. “Peter is highly collaborative and has an outstanding track record of driving results and solving complex business problems. His extensive Supply Chain experience will be a tremendous asset as Shopko continues to grow its Shopko Hometown store format which serves smaller, rural markets. Peter will be an excellent addition to lead the already strong executive team at Shopko. ”
“I am delighted to be joining the talented team at Shopko and consider it a privilege to be given this opportunity to lead their top-notch and experienced senior leadership group, as well as a committed and hard-working supporting team, both at headquarters and in the field,” added McMahon. “Shopko has established and is executing a winning strategy to provide a broad general merchandise offering with best-in-class quality retail health services to smaller underserved markets. I’m extremely optimistic about the company’s future potential and am eager to get to work.”
Shopko is owned by an affiliate of Sun Capital Partners, a leading private investment firm focused on leverage buyouts, equity, debt and other investments in market-leading companies.
Duracell to donate batteries to Toys for Tots
Duracell plans to donate up to 1 million batteries to Toys for Tots as part of its Power a Smile program, marking the brand’s largest donation to the organization to date.
“As a father it’s a joy to see my children’s faces light up on Christmas morning as they unwrap their gifts,” said Jeff Jarrett, marketing director for Duracell. “It’s a memorable moment that shouldn’t be spoiled because the toy is missing batteries. Through Duracell Power a Smile, we want to ensure every parent and child, no matter their circumstance, can experience that joy.”
Ellen Degeneres joined Duracell and Toys for Tots at Van Nuys Airport in Los Angeles on Friday to help launch the program.
“I love what Toys for Tots does,” DeGeneres said. “But if you think about it, a toy without a battery on Christmas morning is so sad. It’s like the ocean without the waves … or rain without the rainbow … or a strawberry without the daiquiri. I’m thrilled to join Duracell and to help bring a little extra joy to kids this season.”
To trigger a battery donation to Toys for Tots, consumers can purchase an eligible Duracell Quantum or CopperTop batter pack at any major retailer. Duracell will donate one battery for each Duracell Quantum AA 12 or CopperTop AA 16-pack purchased until Dec. 27.