Ron Johnson’s tenure at J.C. Penney Co. will long be associated with a 25 percent sales plunge. Lost amid the criticism since his departure last month is the $170 million it cost to install Johnson and his top three executives.
Rue21 Inc., which sells tank tops and graphic tees to teenagers at affordable prices, is shaping up to be the next target after private-equity investments in retail reached the highest amount since before the U.S. recession.
U.S. stocks rose, sending the Dow Jones Industrial Average to its longest rally since 1996, as data showing retail sales increased in February by the most in five months bolstered optimism in the world’s largest economy.
The Standard & Poor’s 500 Index rebounded to within two points of its record after orders for U.S. durable goods climbed more than forecast in February and home prices increased the most since June 2006.
The Beatles’ former London headquarters, where the band performed for the last time on the rooftop, may become an Abercrombie & Fitch Co. store after planning authorities recommended the proposal over objections from retailers in the area.
The Standard & Poor’s 500 Index capped its first weekly decline of the year, after reaching the highest level since October 2007, amid increasing concern the Federal Reserve will curtail its stimulus program.
Abercrombie & Fitch Co. settled an age-discrimination lawsuit brought by a former corporate jet pilot in 2010 after a judge ordered Chief Executive Officer Michael Jeffries to give a second deposition in the case.