Briefcase

J.C. Penney announces closures, reshuffling

NEW YORK — J.C. Penney Co. plans to close some stores, outlets and call centers, finish closing its catalog business and add two opinionated shareholders, including activist investor William Ackman, to its board.

The department store chain said Monday that the moves are intended to boost profitability and keep pace with customers’ increasing shift to online purchases.

Other changes include closing of six underperforming stores, two call centers, 19 outlet stores and one furniture outlet. J.C. Penney did not disclose locations or how many jobs would be lost.

Associated Press

Coldwater Creek names merchandising head

Jill Brown Dean will take over as president and chief merchandising officer for Sandpoint clothing retailer Coldwater Creek, the company said Monday.

On Feb. 14 Dean will assume the job held the past 12 years by Georgia Shonk Simmons, who is retiring.

Dean has more than 25 years’ experience in retail and merchandising. Most recently she was president of the Limited Too division of Tween Brands. She also worked 18 years with Limited Brands as executive vice president, as general manager for Victoria’s Secret flagship stores, and as CEO and president of Lane Bryant.

She will manage Coldwater Creek’s merchandising and sourcing divisions.

Coldwater Creek also appointed Jerome Jessup to president and chief creative officer.

Tom Sowa

McDonald’s food prices may rise to meet costs

PORTLAND — McDonald’s affordable food drew even more customers in its fourth quarter, but the burger chain said it may raise prices this year as its own food tab rises.

McDonald’s Corp., based in Oak Brook, Ill., reported that its net income rose 2 percent to $1.24 billion, or $1.16 per share, for the quarter. That’s up from $1.22 billion, or $1.11 per share, a year ago. Revenue climbed 4 percent to $6.21 billion.

Associated Press

Government to sell Citigroup warrants

WASHINGTON — The government says it will sell 465.1 million warrants it holds from Citigroup Inc. in an auction today. It is the latest effort to recoup costs from the $700 billion financial bailout.

The warrant sales will add to the $12 billion profit that Treasury says the government has realized from its $45 billion bailout of Citigroup.

Associated Press