Wal-Mart halts India expansion
Bentonville, Ark. — Wal-Mart is reportedly halting its Indian expansion plans, at least for now. According to the Financial Times, Wal-Mart has not opened any new cash-and-carry stores in India since October 2013 or any new convenience stores there since November 2013.
In addition, Wal-Mart’s Indian partner Bharti Enterprises has reportedly terminated more than 12 leases for what would have been new convenience stores in the past several months. According to the Financial Times, the Indian government may be investigating a possible loan Wal-Mart gave a loan to the Easy Day convenience store business it operates with Bharti, in violation of laws against direct foreign investment in Indian retail businesses, as well as allegations Wal-Mart may have bribed Indian officials. A Wal-Mart spokesperson declined comment.
J.C. Penney names new CFO
Plano, Texas — J. C. Penney Company, Inc. has named Ed Record executive VP and CFO, effective March 24. He will succeed Ken Hannah, who will remain CFO through that date to ensure a smooth transition.
As CFO, Record will be responsible for the financial operations of the company. He will report to Myron E. (Mike) Ullman III, CEO of J.C. Penney, and join the company`s executive board.
Record, 45, has nearly 25 years of experience managing the financial and operational performance of multiple retailers. He spent over six years at Stage Stores, most recently serving as COO and prior to that, CFO. Before Stage, Record served as senior VP of finance at Kohl’s and as controller and senior VP of finance at Belk. Earlier in his career, he held a variety of finance positions of increasing responsibility at Federated Stores, leading to his eventual appointment as controller and VP of finance.
"Ed is a highly accomplished executive with a broad understanding of retail finance and operations,” said Ullman. “His extensive department store experience and track record of success make him an ideal candidate as we continue to advance our turnaround. 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."
Amazon to hire 2,500 nationwide to staff fulfillment centers
Seattle — Amazon said it is hiring more than 2,500 full-time workers at order-fulfillment centers across the country.
"Today, we’re excited to announce 2,500 full-time jobs, bringing new employment opportunities to local communities across the country," said Mike Roth, Amazon’s VP of North America operations, in a company statement.
The online giant said the jobs include picking, packing and shipping customer orders, and are available in Chester, Va.; Coffeyville, Kan.; Columbia, S.C.; Dupont, Wash.; Murfreesboro, Tenn.; and Petersburg, Va.