New York–If you had to name one subject that consistently made news throughout 2013, you would have to undoubtedly say JCPenney–and usually for all the wrong reasons. The beleagured department store made front page news from Wall Street to Main Street. The center of this malestorm was Ron Johnson, the former Apple retail chief who as JCPenney’s chief executive launched a massive transformation in early 2012. But as sales and profits–and shares–continued to drop, Johnson was ousted in April in favor of the retailer’s former CEO Myron “Mike” Ullman.
The saga continued with news last summer that William Ackman, chief of a hedge fund and JCPenney’s largest shareholder, want to institute more changes in JCPenney’s leadership. But as other board members resisted, Ackman eventually agreed to sell his stake (at a major loss).
2013 also saw a costly end to some longstanding disputes in the luxurygoods arena. LVMH, the luxurygoods conglomerate, was fined $10 million for the way it accumulated shares in rival Hermes. Recently, Tiffany was hit with nearly a $500 settlement fee in arbitration with Swatch Group ending more than two years of legal disputes over the dissolution of their watch partnership.
From what our readers indicated, these are the top 10 news stores of 2013 that shouldn’t be missed:
Stay tuned for more news, trends, and retail reports in 2014.
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