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Arnold lease hits the spot

Written By Unknown on Sabtu, 13 April 2013 | 12.32

Arnold Worldwide's announcement that it will relocate to the Millennium Tower/Burnham Building complex next year is expected to heighten interest in Downtown Crossing office and retail space in addition to jump-starting the project's construction.

The advertising agency's lease for 125,000 square feet in the former Filene's building will inject a 700-strong youthful, creative workforce that will help set the tone for the district's revitalization, observers say.

Arnold's move will prompt other "world-class" companies to look at the area, said Rosemarie Sansone, president of the Downtown Boston Business Improvement District. "They had been courted by property owners in many different locations across the city for many years," she said. "A tenant of this magnitude and this stature is very, very important and sets the tone for all of the other pieces falling into place."

Leaks of developer Millennium Partners/Boston's talks with Arnold — headquartered at 101 Huntington Ave. for 15 years — already had sparked interest in Downtown Crossing from companies seeking office space, said developer Ron Druker, a major Downtown Crossing property owner.

"It's a real boost to the area," he said. "We've been attracting interest from tenants priced out of the Innovation District because of its great success and Kendall Square. We've seen this in our buildings on Kingston Street, where we recently rented space. Some of (the tenants) are startups, some of them are established companies, architects, high-tech."

Arnold and sister agency Havas Media hope to move into the fifth through eighth floors of the 1912 Burnham building on Sept. 1, 2014.

"They do things that are really cutting-edge, and it sets the tone for a workplace that is not your father's office building," said Anthony Pangaro, principal at Millennium Partners, which took over the long-stalled project last year.

Restoration of the Burnham building, the only Boston building by legendary Chicago architect Daniel Burnham, likely will start within a month. Construction of the adjacent 625-foot Millennium Tower will overlap and begin once the Burnham building's missing outer wall is replaced, Pangaro said,

Millennium has yet to sign other leases for the project, which includes 75,000 more square feet of office space and 135,000 square feet of retail space in the Burnham building, and 95,500 square feet of retail space in Millennium Tower, which will include 450 luxury residences.

In addition to a grocer, Millennium is seeking innovative retail companies.

"The Apple store has told us we don't build stores that you can't see into anymore, so we are looking for companies that are visually interesting, that tell the story of what they do on the street, through the facade," Pangaro said. "There's a lot of interest."

Arnold Boston president Pam Hamlin would like to see businesses move in that cater to the tastes and interests of the company's young employee base.

"We're the first company that is really a creative organization that's able to move into the area to help shape what this part of Boston looks like," she said.


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New Explorer packs some kick

Remember when Ford introduced the Explorer in the 1990s?

It was a handsome and useful replacement to the Bronco II and it hauled kids, gear and the family dog around with a hint of elan.

Now after delivering the kids to practice the 2013 Sport can lay down a reasonable patch of rubber and rocket to 60 in 6 seconds!

Powered by a 3.5-liter twin turbo-charged 365-horsepower V6, the same as the SHO, this Explorer has aggressive and bold lines, sport-tuned independent suspension and 20-inch wheels. Not that Ford is emphasizing the sport over the utility, as in SUV, but this vehicle and its price go nose to nose with many of the luxury imports.

Trimmed out with the navigation upgrade, our tester priced out at $45,670 on a $40,500 MSRP base. Packed full of nice standard features, the interior, although not as refined as some of the imports, is very nicely adorned with cross-stitched leather seats, tight and modern trim that doesn't feel cheap. I'd like a beefier steering wheel because it would complement the sports feel of the vehicle. And thank you engineers for finally sorting out the MyFord Sony infotainment center. Recently a true nightmare of non-functionality and complicated drill-downs, I found my way around the new version without having to pull over to read the instructions just to change the channel. Don't do this while driving, though.

You'll need another upgrade to get the luxury extras like parking assist, lane departure warnings and sunroof. This is a premium transporter in the elite class. It does offer the Terrain management system, a la Land Rover; a simple turn of the knob on the console and traction and height adjustments kick in to tackle your driving needs.

The dash is fitted with a simple single speedometer gauge augmented with electronic car data, information readouts and entertainment options that are operated from the steering wheel. Voice command responded well, making some functions, like a phone call, a snap.

The handling and ride are superb. A quiet cabin belies the powerful engine and although steering feel was muted, the nearly 5,000 pounds of truck had minimal body roll and cornered calmly. Heavier springs and larger brakes on this model make short work of the road. The six-speed automatic transmission on this all-time four-wheeler is tuned for speed and torque. A quick tap on the accelerator and the downshift is instant and powerful. It has the manual paddles for the enthusiast.

Where does the Explorer fall down?

It's the seats. They're just not very comfortable. Let's just forget the third row for anyone over 3 feet tall and give the adults in the second row some legroom. Because of the jamming, my passengers said they couldn't see out the windows because of the door pillars. They did, however, really like the independent rear climate control. Although manually flipping the two sets of rear seats down is a cumbersome process, it creates a solid 81 cubic feet of cargo space.

The Ecoboost engine squeezed almost 18 miles per gallon on average, which landed in the middle of the EPA estimates of 16 city and 22 highway.

This is a bold, fast and sure handling vehicle that will make short work of weekend chores and still deliver plenty of driving nuance for a spirited romp to work.

Measure this truck up against the Land Rover HSE, BMW X5, Audi Q5, Grand Cherokee and the Mercedes Benz ML 350 and it'll hold its own for performance and is the least expensive of the class.


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The Ticker

Written By Unknown on Jumat, 12 April 2013 | 12.32

Pfizer shifts workers to Kendall Square

Drug maker Pfizer Inc. will relocate a majority of its 530 Cambridge North workers from Alewife to Kendall Square. The company will also sell or sub-lease its buildings at 87, 200, and 35 CambridgePark Drive, and 620 Memorial Drive.

The employee shift is expected to occur early next year, but the company said it expects there will be minimal impact to the size of Pfizer's workforce in Massachusetts.

Syros takes off with $30M

Syros Pharmaceuticals, a Watertown-based company that harnesses breakthroughs in gene control for the treatment of cancer and other diseases, launched yesterday with a $30 million first round of funding.

The company was co-founded by ARCH Venture Partners and Flagship Ventures. Syros said it will use the capital to speed up the discovery and development of novel gene control medicines.

Bright Horizons acquires UK co.

Bright Horizons of Watertown has acquired kidsunlimited, a company that operates dozens of nurseries throughout England and Scotland, for more than $69 million in cash. The transaction is expected to be neutral to Bright Horizon's earnings for the rest of the year.

Murray touts transportation

Senate President Therese Murray said yesterday a $805 million transportation financing bill might grab Gov. Deval Patrick's attention as both sides have not formally met to discuss the issue in more than three weeks. Murray also chided the governor, whose own $1.9 billion plan remains stalled, for language that criticized the Legislature's proposal.

Houghton acquires Montreal co.

Boston-based Houghton Mifflin Harcourt has acquired educational technology company Tribal Nova of Montreal, Canada, for an undisclosed amount. Tribal Nova is focused on the development of digital games, products and services for preschoolers.

Microsoft to make waves in Natick

A new Microsoft retail store will open at the Natick Mall on June 8. Hit alternative rock band Weezer is expected to perform a concert to celebrate the grand opening.

TODAY

  • The Specialty Coffee Association of America 2013 annual exposition is held at the Boston Convention & Exhibition Center.

THE SHUFFLE 

  • Dean College has promoted Dr. Dawn Poirier, left, to dean of the School of Liberal Arts, effective June 1. A member of the Dean College faculty for 14 years, Poirier most recently served as Dean's department chairman for math, science and sport fitness studies.

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Condos on the rise in Danvers

The Massachusetts condo market is finally warming up.

After several years of slow growth, developers are building again and potential owners are buying from floor plans.

Just a few years ago, real estate developers were converting their condo buildings into rentals because of the downturn in the housing market.

In February 2012, Tina Pizzuti Brzezenski, a partner with Pizzuti Development, had a permitted site in Danvers to build residential apartments.

Brzezenski, a real estate veteran with more than 20 years of experience, was continually monitoring the market and started to notice several industry forecasts that showed stabilizing rents and modest increases in vacancy rates.

"This is typically a trend that starts in the suburbs first, which may be indicative of supply catching up with demand," Brzezenski said.

Brzezenski also knew that inventory levels for homes on the market were dropping and Danvers hadn't seen any new construction of condo development in years.

Currently, there are 40 condos listed for sale in Danvers, 25 percent of them have active offers and 16 condos are presently under contract, according to MLS PIN. It's a far cry from the past few years when there would typically be between 66 and 72 condos on the market in Danvers.

With support from her bank to move forward on a condo project instead of rental development, Brzezenski went back to the town and got the development approved for condos. The result, located on Andover Street in Danvers where the old Natalie's Restaurant used to stand, will be the Residences at Rose Court.

Named after the rose garden that will be featured in the middle of the two residential buildings with elevators, the complex will consist of 71 units, all with individual balconies.

The one-, two- and three-bedroom units, between 1,065 square feet and 1,588 square feet, will be priced from $240,000 to $400,000. Each condo unit will have two parking spaces and indoor parking spaces will be available separately for purchase, at $7,500 to $9,500.

The residences will also have a state-of-the-art fitness center located in Building Two, complete with cardio machines, weight training equipment and a floor exercise area. There is a function room in the main clubhouse that residents can reserve for parties or events.

"In addition, there will also be a community garden where the residents can grow their own flowers, herbs or vegetables as well as a separate playground area," Brzezenski said.

Building Two will be the first to open, likely by Oct. 1, and the other building is expected to be complete by January.

Sales for the units begin tomorrow. There will be an on-site sales office located in the clubhouse with the model of the units' interior.

Interior features will include granite countertops, stainless steel appliances and in-unit washer and dryers. There will also be high-efficiency heating and cooling systems. Owners will be able to customize some unit features.

Jennifer Athas is a licensed real estate broker. Follow her on Twitter @jenathas


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Copa builds direct route from Boston to Panama

Written By Unknown on Kamis, 11 April 2013 | 12.32

This summer, about $600 and 5 1⁄2 hours will get you from Boston to Panama City for work or pleasure.

Beginning July 10, Copa Airlines will offer the first daily nonstop service from Logan to Tocumen International Airport, with connections to 57 other destinations in Latin America.

"We will be the only direct, nonstop flight from Boston to Latin America," Copa CEO Pedro Heilbron said yesterday. "We're filling a void."

Boston is currently the largest U.S. market without nonstop service to Latin America, Heilbron added.

Round-trip flights, including meals, will cost between $500 and $600.

Copa will operate a Boeing 737-700 Next-Generation aircraft with seating for 12 passengers in business class and 112 in the main cabin. Flight attendants will be bilingual.

"Panama is the only place where you can have breakfast in the Pacific, lunch in the Caribbean and visit the Panama Canal and a rainforest, all in one day," said Ernesto Orillac, Panama's vice minister of tourism.

Copa passengers can make connections to destinations throughout Latin America and the Caribbean, without customs or immigration waits for in-transit passengers.


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Boston co. throws open the gates for bull runs stateside

It's the Running of the Bulls and La Tomatina, American-style.

A Boston company is staging stateside versions of two of Spain's celebrated annual traditions. The Great Bull Run has announced an initial nine cities where attendees can participate in live bull runs and tomato food fights.

Co-founders Bradford Scudder and Rob Dickens decided to tailor the bull run to American audiences after failing to check off the Spanish version from their bucket lists. During Spain's Running of the Bulls, the animals are let loose from a corral to stampede through Pamplona's narrow streets as spectators race in front of and alongside them on the way to the bullfight ring.

"It's something that we had always wanted to do — and we knew a lot of people who always wanted to do it — but never had the chance," Dickens said. "It's just not a very feasible thing for most people."

The Great Bull Run is a day-long festival, with participants paying for one bull run (held hourly 9 a.m.-4 p.m. for up to 1,000 people each) and one Tomato Royale fight (held three times daily). They also get to enjoy live bands, mechanical bull rides, games, food and beer.

Slatted fences will line the quarter-mile "bull run" courses, allowing participants to climb over or slide under to escape the dozen bulls. Nooks also provide sanctuary. But participants, who must sign waivers, still run the risk of getting gored or otherwise injured.

"It is a dangerous event, and that's the entire thrill of it," Dickens said. "It's like skydiving, mountaineering or rock-climbing. If it was safe, no one really would want to do it."

Unlike in Spain, the bulls won't be killed later in bullfights.

"They do a lot of things to the bulls in Spain that many people view as inhumane to make them more aggressive and to make sure that they run the course," Dickens said. "We treat the bulls very, very well. We understand that people have different opinions on the use of animals for entertainment purposes, but we take every precaution to ensure that our animals are treated humanely."

The Great Bull Run kicks off at Virginia Motorsports Park on Aug. 24. There's no New England stop yet, but the company hopes to find a suitable venue.

Dickens and Scudder also oversee the 20-city Rugged Maniac obstacle race series.


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China's ex-train boss charged in bribery case

Written By Unknown on Rabu, 10 April 2013 | 12.32

BEIJING — The ex-railways minister who led the rapid expansion of China's bullet train network has been charged with taking bribes and abusing his power in one of China's biggest graft investigations.

The official Xinhua News Agency says prosecutors filed charges with a Beijing court in the long-awaited case of Liu Zhijun. The brief report Wednesday says the court has accepted the case and will set a trial date.

Liu was appointed in 2003 and dismissed in February 2011 for unspecified discipline violations. News reports suggested charges against him might include taking kickbacks and bribes, illegally awarding contracts and engaging in sexual liaisons.

Liu led the rapid growth of China's bullet train network, which has become the world's biggest. Following his firing, the government scaled back ambitious expansion plans.


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China recovery dogged by doubt as data questioned

BEIJING — China reported strong import growth in March in a possible positive sign for its recovery but analysts said the trade data might be inflated and give a distorted picture of the economy's health.

Imports rose 14.1 percent after growing 5 percent rate for the combined January-February period, customs data showed Wednesday, suggesting Chinese manufacturers and consumers might be buying more.

Export growth slowed to 10 percent from the previous two-month period's 23.6 percent. That could add to challenges for newly installed Communist Party leaders as they try to sustain the rebound from China's deepest downturn since the 2008 global crisis and avoid job losses.

Analysts said, though, the data might be distorted by companies misreporting trade or government manipulation, clouding the picture of whether an economic recovery is gaining traction.

Exports probably are even lower than reported, based on what is known about shipments into Hong Kong, said Francis Lun, managing director of Lyncean Holdings, a Hong Kong-based investment company. Hong Kong is Chinese territory and handles a big share of the mainland's trade but is treated as a separate customs region.

"The figures in Hong Kong to and from China do not add up," he said. "Instead of 10 percent growth, you have 2 or 3 percent."

China's economic growth rose to 7.9 percent in the three months ending in December, up from the previous quarter's 7.4 percent. Analysts say the recovery from the country's deepest downturn since the 2008 global crisis is being propped up by government spending and could be vulnerable if trade or state-driven investment weakens.

Commentators raised questions after China's strong trade data failed to match up with much lower figures reported by its trading partners.

Some suggested companies might be reporting phony exports to get tax rebates or to evade Beijing's strict capital controls and move money into China with fictitious billing of foreign customers. Others say Beijing might have exaggerated trade volume to make the economy look healthier during the transition to new Communist Party leaders in recent months.

"Today's trade data release has not instilled any more confidence in either the quality of data or the strength of the recovery," said IHS Global Insight analyst Alistair Thornton in a report.

Other indicators show economic activity recovering but at a slow pace. A survey of manufacturing by a Chinese industry group showed activity improved in March but by only a fraction of one point on a 100-point scale.

Also in March, inflation fell, suggesting consumer demand might be weaker than authorities hoped.

Referring to February's explosive reported export growth, Alaistair Chan of Moody's Analytics said in a report, "It now seems that it was probably due to some issue with the reporting of exports, or possibly over-invoicing as firms evaded capital controls to bring in more foreign capital."

Chinese customs officials defended their data Wednesday at a news conference.

"Every dollar that is listed in the customs trade data can be traced back to an actual declaration form," said Zheng Yuesheng, a spokesman for the bureau. "The exported or imported goods listed on the declaration form have to be something shipped across the border, either in or out."

Beijing's capital controls and tax breaks and other privileges for foreign investors give Chinese companies an incentive to covertly bring in money from abroad. Economists believe a large share of China's reported foreign investment is money sent abroad by Chinese companies and "round-tripped" back into the country.

China's trade is volatile in the first few months of each year as companies shut down for several weeks during the Lunar New Year and then buy raw materials to resume production.

March exports rose to $182.2 billion while imports were $183.1 billion, leaving a rare monthly deficit of $900 million, according to the General Administration of Customs.

The trade surplus with the United States narrowed by 34 percent from a year earlier to $11 billion. The surplus with the 27-nation European Union shrank 35 percent to $5.3 billion.

Exports to Germany, China's biggest European trading partner, fell 7 percent while shipments to France declined 6.7 percent.

___

AP Business Writer Pamela Sampson in Bangkok and researcher Flora Ji in Beijing contributed.

___

General Administration of Customs of China: www.customs.gov.cn


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The Ticker

Written By Unknown on Selasa, 09 April 2013 | 12.32

J.C. Penney's CEO fired

J.C. Penney's board of directors has ousted CEO Ron Johnson after only 16 months on the job as a risky turnaround strategy backfired and led to massive losses and steep sales drops.

The department store chain said that it has rehired Johnson's predecessor Mike Ullman, 66, who was CEO of the department store chain for seven years until November 2011.

The announcement comes as a growing chorus of critics including a former Penney CEO, Allen Questrom, called for Johnson's resignation as they lost faith in an aggressive overhaul plan that included getting rid of most discounts in favor of everyday low prices and bringing in new brands.

Mass. gas prices drop again

Bay State gas prices are down another three cents this week, according to AAA Southern New England.

Self-serve, regular unleaded gas is currently averaging $3.56 a gallon, three cents lower than the national average of $3.59. Local prices are down 13 cents over the past month.

A year ago at this time the Massachusetts average price was $3.87.

White confirmed to lead SEC

The U.S. Senate confirmed Mary Jo White's nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street.

White was approved by a Senate voice vote. She will replace Elisse Walter, who has been interim SEC chairman since Mary Schapiro resigned in December.

TODAY

 The Wentworth Institute of Technology hosts a "Pitchfest" event on campus where students present their startup ideas in the hopes of receiving funding.

TOMORROW

 The Federal Reserve releases minutes from its March interest-rate meeting.

 Beth Israel Deaconess Medical Center and Beth Israel Deaconess Hospital-Needham break ground for the new Beth Israel Deaconess Cancer Center & Surgical Pavilion in Needham.

 IdeaPaint of Ashland has promoted John Stephans, left, to the position of president. Stephans, who succeeds outgoing president Bob Munroe and was formerly senior vice president of marketing, innovation and operations at the company. Prior to that, Stephans was senior vice president of strategic and product marketing at Monster.

 Boston-based Direxion has hired Eric Falkeis as president and chief operating officer of Rafferty Asset Management, the advisor to Direxion Funds and Direxion Shares. Falkeis was most recently chief financial officer and director of exchange-traded fund operations at U.S. Bancorp Fund Services.


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JC Penney looks to old CEO to secure its future

NEW YORK — J.C. Penney is hoping its former CEO can revive the retailer after a risky turnaround strategy backfired and led to massive losses and steep sales declines.

The company's board of directors ousted CEO Ron Johnson after only 17 months on the job. The department store chain said late Monday, in a statement, that it has rehired Johnson's predecessor, Mike Ullman, 66, who was CEO of the department store chain for seven years until November 2011.

The announcement comes as a growing chorus of critics including a former Penney CEO, Allen Questrom, called for Johnson's resignation as they lost faith in an aggressive overhaul that included getting rid of most discounts in favor of everyday low prices and bringing in new brands.

The biggest blow came Friday from his strongest supporter, activist investor and board member, Bill Ackman, who had pushed the board in the summer of 2011 to hire Johnson to shake up the dowdy image of the retailer. Ackman, whose company Pershing Square Capital Management, is Penney's biggest shareholder, reportedly told investors that Penney's execution "has been something very close to a disaster."

On Saturday, Ullman received a phone call from Penney's chairman Thomas Engibous asking him to take back his old job, according to Penney spokeswoman Kate Coultas. The board met Monday and decided to fire Johnson.

Neither Johnson nor Ullman were available for an interview.

Until early last week, some analysts thought the board would give Johnson, a former Apple Inc. and Target Corp. executive, until later this year to reverse the sales slide. A key element of Johnson's strategy was opening new shops featuring hot brands to help turn around the business. They began opening last year and had been faring better than the rest of the store.

"I truly believed that he had until holiday 2013," said Brian Sozzi, CEO and chief equities strategist Belus Capital Advisers. "Today's announcement is an indictment of his strategy."

Under Ullman, the chain brought in some new brands such as beauty company Sephora and exclusive names like MNG by Mango, a European clothing brand, but he didn't do much to transform the store's stodgy image or to attract new customers. He's expected to serve mostly as a stabilizing force, not someone who will make changes that will completely turn the company around.

"What they need is a little bit of stability and essentially adult supervision," said Craig Johnson, president of Customer Growth Partners, a retail consultancy. "(Ullman) did nip-and-tuck surgery," said Craig Johnson, president of Customer Growth Partners, a retail consultancy. "But this was a place that needed radical surgery."

Sozzi said he thinks that Ullman will only serve as an interim CEO. He expects the Plano, Texas company's board will hand off the job to another executive who may want to take the company private. Ullman is getting a base salary of $1 million and the company didn't sign an employment agreement, according to a Securities and Exchange Commission filing.

Johnson's removal marks a dramatic fall for the executive who came to Penney with much fanfare. There were lofty expectations for the man who made Apple's stores cool places to shop, and before that, pioneered Target's successful "cheap chic" strategy by bringing in products by people such as home furnishings designer Michael Graves at discount-store prices.

Few questioned Johnson's savvy when it was announced in June 2011 that he was leaving his role as Apple's senior vice president of retail to take over the top job at Penney, a chain that had gained a reputation in recent years of having boring stores and merchandise.

But Johnson's strategy led to spiraling sales and losses. The initial honeymoon with Wall Street ended soon after customers didn't respond favorably to his changes. Johnson revised his strategy several times in an attempt to bring back shoppers with little success. The turnaround plan was closely watched by industry observers who wanted to see if Johnson could actually change shoppers' behavior. The plan failed and now worries are mounting about the company's future.

Penney's stock price Monday evening showed investors' frustration with Johnson and it's uncertainty about Penney's future. When news began to leak after the market closed that Penney was ousting Johnson, the stock, which had closed at $15.87 in the regular session, climbed nearly 13 percent to $17.88 in after-hours trading. But as pleased as investors were about getting rid of Johnson, they didn't appear impressed with his replacement. After Penney announced Ullman would take over, the stock reversed course falling as far as 11 percent from its regular closing price, to $14.10. That's 21 percent from its after-hours high.

Johnson's future at Penny became uncertain after the department store retailer reported dismal fourth-quarter results in late February that capped the first full year of a transformation plan gone wrong. Penney amassed nearly a billion dollars in losses and its revenue tumbled almost 25 percent, from the previous year, to $12.98 billion.

Under Johnson, 54, Penney ditched coupons and most of its sales events in favor of everyday low prices. It's bringing in hipper designer brands such as Betsey Johnson and updating stores by installing specialty shops devoted to brands such as Levi's to replace rows of clothing racks. Johnson's goal was to reinvent Penney's business into a trendy place to shop in a bid to attract younger, wealthier shoppers. Johnson, the mastermind behind Apple's profitable stores, rolled out his plan and it turned off shoppers who were used to heavy discounting. Once-loyal customers have strayed from the 1,100-store chain. It hasn't been able to attract new shoppers to replace them.

Initially, Wall Street supported Johnson's ideas. In a vote of confidence, investors drove Penney's stock up 24 percent to $43 after Johnson announced his vision in late January 2012. But as Johnson's plans unraveled, Penney's stock lost more than 60 percent of its value. Credit rating agencies downgraded the company deeper into junk status. On Monday, the stock closed down about 50 percent from when Johnson took the helm.

In one of the biggest signs of the board's disapproval of Johnson's performance, Johnson saw his 2012 compensation package plummet nearly 97 percent to about $1.9 million, according to an SEC filing last week. He didn't get any stock or option awards, or a bonus. In 2011, he had received a stock award worth $52.7 million on the day it was granted. The award was given to Johnson after he was named CEO and made a $50 million personal investment in the company.

In yet another blow to Johnson's turnaround strategy, Vornado Realty Trust, one of Penney's biggest shareholders, sold more than 40 percent of its stake in the company last month. The company's chairman and CEO, Steve Roth sits on Penney's board.

A court battle with department store Macy's Inc. over a partnership with Martha Stewart also has raised questions about Johnson's judgment. Macy's, which has had long-term exclusive rights to the Martha Stewart brand for products such as bedding and bath items, is trying to block Penney from opening Martha Stewart mini-shops, planned for this spring. Macy's contends that Penney's deal with Stewart infringes on its own deal with the home maven. If Penney loses, it will have to take a big loss on the products that it ordered from Martha Stewart Living.

During the fourth quarter that ended Feb. 2, Penney's loss widened to $552 million, or $2.51 per share, up from a loss of $87 million, or 41 cents per share a year ago.

Total revenue dropped 28.4 percent to $3.88 billion.

Penney's results for the full year were even more staggering. For the fiscal year, Penney lost $985 million, or $4.49 per share, compared with a loss of $152 million, or 70 cents per share, in the year ended January 28, 2012. Revenue fell 25 percent, to $12.98 billion, from the previous year's $17.26 billion.

While acknowledging that Penney made some mistakes during the fourth-quarter conference call with investors, Johnson said Penney would start offering sales in stores every week — about 100 of the 600 or so the chain offered each year prior to his turnaround plan. And it would bring back coupons.

Critics have said that one of Johnson's greatest missteps was that he didn't test the pricing plan with shoppers before rolling out the strategy. He argued that testing would have been impossible because the company needed quick results and that if he hadn't taken a strong stance against discounting, he would not have been able to get new stylish brands on board.

"Experience is making mistakes and learning from them, and I have learned a lot," Johnson said at the time. "We worked really hard and tried many things to help the customer understand that she could shop any time on her terms. But we learned she prefers a sale. At times, she loves a coupon."

During his tenure, Johnson had spoken of being around for the long-haul and referred to his plan as a multiyear strategy. His plans were only partially realized. Shops for Joe Fresh, featuring brightly colored clothes were launched last month. A new home area sporting names like Jonathan Adler and Michael Graves will be launching this spring. Other brands were expected to be unveiled in coming years as the stores transformed into a collection of up to 100 mini-shops.

But the company's board wasn't willing to wait to see how those plans would turn out after racking up such severe losses so quickly. Now, that Johnson is out, the worry on Wall Street is that Ullman won't be able to turn around business fast enough.

"Ullman is in a crisis zone," said Sozzi. "This is not a normal situation. He has a short window to get in and see what's wrong with the company and put a Band-Aid on the fundamental problems."

____

Associated Press Business Writers Candice Choi and Joseph Pisani contributed.


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Startups ‘pop-up’ for marathon customers

Written By Unknown on Senin, 08 April 2013 | 12.32

A pair of fitness-savvy startups want to capitalize on the Hub's foot traffic during the upcoming Marathon weekend with a two-day pop-up shop inside a Newbury Street retailer.

Janji, a running apparel company based in Brookline, and Perfect Fuel Chocolate, a maker of raw chocolate energy snacks headquartered in the Seaport District, will occupy nearly 30 feet of space at the front of the Johnson Paint Co. this Sunday and Monday, to boost sales and raise awareness about their brands and wares.

"Boston's is not the biggest marathon in the world, but it's the most historic and competitive. People who come in identify themselves as runners," said Janji co-founder Mike Burnstein, 23. "If we can talk to a lot of these people and bring them to our team, then I think the impact can be pretty substantial."

Burnstein, a former athlete at Brookline High School and Washington University at St. Louis, added he is running this year's marathon to raise money for KickStart, an organization that makes irrigation pumps for Kenyans to have better access to water.

"(Running) gives me more energy in the day," he said. "It helps structure my life."

Bob Johnson, owner of the Johnson Paint Co., said he was intrigued by both companies' pitches and offered free use of his store, which is typically closed both days.

"I was lucky enough to have a helping hand when I started out," Johnson said, adding his son will run his 14th Boston Marathon this year. "I'm just kind of passing it forward a little bit."

Launched in May 2012, Janji — which means "promise" in Malay — sells athletic clothing inspired by troubled countries such as Haiti, Rwanda and Bangladesh in nearly 120 specialty stores nationwide. A portion of all sales benefits those nations.

This fall, Janji will add Peru to its lineup and expand its offerings to include pants, tights, sweatshirts, headbands and hats.

Founded by Nicolas Warren and Miles Masci, Perfect Fuel Chocolate sold its first health bite in January of last year. The company currently sells Perfect Fuel Endurance, a chocolate piece with 500 milligrams of ginseng, in more than 70 stores in New England, New York and California.

Two more varieties, Perfect Fuel Energy and Perfect Fuel Omega, will debut soon, and contain organic espresso bean and chia seed, respectively.

"This is our home and Janji and I are in agreement that we've got to own our home," Warren, 30, said. "We're both doing something that has a mission behind it, not just a company."

Jon Hurst, president of the Retailers Association of Massachusetts, said pop-up stores are "win-wins for everybody," adding Marathon weekend will likely be a big boon for the city's retailers.

"You only have to look around … to know it's a great influx of new people coming into town," he said. "Stores (and) restaurants are all going to benefit, and it makes for a great kickoff to your spring selling season."

The pop-up store will be open from 10 a.m. until 8 p.m. Sunday and 10 a.m. to 5:30 p.m. Monday.


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Focus on these photo apps

I've never been a great photographer, but my best friend, a professor of graphic design in Miami, is just that. So when on a recent trip to the Sunshine State she sang the praises of Hipstamatic, a retro camera app for iPhone, I paid attention.

I had heard of it before, but Hipstamatic got lost — and nearly folded — during the Instagram craze. The company claimed to have generated $10 million in revenue in 2012 and then laid off their entire staff a short time later. Terrible businesspeople; but I sort of like that.

After a short introduction to the different lenses, filters and flashes of Hipstamatic, I was quickly using the program to take stunning pictures of my toddler son — they were in focus, a rarity when using my iPhone 5's native camera.

The photos resemble Polaroids, but the colors are more vibrant and saturated and can vary depending on the lens.

The best part, however, is Hipstamatic's excellent PrintLab.

I don't know of any other camera app that will easily and inexpensively send you prints of this quality. You order prints through the app and they arrive in the mail. Processed on archival paper using vintage chemistry techniques, this option is completely worth it. Prices for four-inch prints range from $4.99 for nine to $34.99 for 96.

For now, Hipstamatic is only available as an Apple app, and it costs $1.99.

I highly recommend Hipstamatic over Instagram. But there are more than a few ways to enhance your smartphone camera.

If you're starting to venture outdoors now that the snow has melted and are looking to explore your inner shutterbug, here are some of my other favorite camera apps to try:

GroupShot: For those times when one person is ruining an otherwise perfect group photo, this app takes a bunch of rapid-fire photos and allows you to pick the best features of each to create the perfect group shot. It's available for $.99 in the Apple app store. And it's worth noting that a similar feature comes native on new Nokia smartphones.

Iris: This is like Adobe Photoshop for your iPhone, with dozens of filters and textures, options for color balance and histogram controls. Also $.99 in the Apple store.

Camera ZOOM FX: This is the only camera app you need on Android, and it's $2.99 in the Google Play store. It's got a full range of shooting modes, focus metering, burst effects and a pinch zoom of up to 6X. Processing features include dozens of textures, vignette surrounds, overlays and even fun props.


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The Ticker

Written By Unknown on Minggu, 07 April 2013 | 12.32

Study: Home buyers leery

The housing markets are in recovery, but a lot of people are still asking: Why buy a home anyway?

The housing bust has created great skepticism about the traditional connection between homeownership and the American dream, a survey commissioned by the MacArthur Foundation has found.

The How Housing Matters Survey, released Wednesday, found that more than three-quarters of Americans believe we are still in the middle of the housing crisis or that the worst is yet to come. When it comes to remedies, two-thirds believe the nation's policy should be to encourage renting and homeownership equally.

More than 7 in 10 renters aspire to own a home someday, according to the telephone survey of 1,433 adults, conducted between Feb. 27 and March 10. But it also turned up a solid majority who believe renters can be just as successful as owners in achieving the American dream.

THE OUTLOOK

MONDAY

  • Former U.S. Food and Drug Administration Commissioner Dr. Andrew von Eschenbach is the keynote speaker at a seminar on combination medical device products at Lahey Hospital & Medical Center in Burlington.

TUESDAY

  • SeaChange International releases quarterly earnings.
  • The Wentworth Institute of Technology hosts a "Pitchfest" event on campus where students present their startup ideas in the hopes of receiving funding.
  • MassDOT Board and Transportation Secretary and CEO Richard Davey discusses the state's transportation overhaul plan at a community meeting in Walpole.

WEDNESDAY

  • Bed, Bath & Beyond and Demandware report quarterly financial earnings.
  • The Federal Reserve releases minutes from its March interest-rate meeting.
  • Beth Israel Deaconess Medical Center and Beth Israel Deaconess Hospital-Needham break ground for the new Beth Israel Deaconess Cancer Center & Surgical Pavilion in Needham.
  • Boston Public Library officials hold a public forum in the Rabb Lecture Hall to discuss plans to transform the Johnson building on Boylston Street in Copley Square.

THURSDAY

  • Companies including Twin Rivers Technologies, Blue Cross Blue Shield of Massachusetts, Raytheon Corp. and General Electric participate in a military veterans' job fair at Gillette Stadium.

THE SHUFFLE

  • Acella Construction Corp. has promoted Saul Schrader, left, of Weymouth to the position of senior project manager. Schrader, who has a degree in construction management from the Wentworth Institute of Technology, joined Acella in 2004 as a project manager after previously working at the Lee Kennedy Construction Co. in Boston.

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Oil flush won’t cut down on Monte Carlo’s high consumption

My daughter has a 2004 Monte Carlo SS with the 3.8-liter motor. It uses about two quarts of oil between 3,500-mile changes. At the last oil change, the shop wanted to flush the motor, saying it would reduce the oil consumption. Is this possible? Also, the power steering makes a rubbing sound when you turn either left or right. The same shop said this was normal for the Monte Carlo and to not worry about it.

The accepted standard for "normal" oil consumption is a maximum of one quart per 2,000 miles. So the oil consumption on your daughter's vehicle is high but not necessarily excessive. Depending on the engine's mileage, it's borderline. GM doesn't recommend any type of engine flushing and, of course, engine flushing isn't going to fix worn parts like valve seals, piston rings, etc.

I'd try treating the symptoms first. Adding a half-can of SeaFoam to the oil can help free sticky oil control rings and dissolve carbon and varnish from oil residue. Using a different brand or higher-viscosity multiweight motor oil, particularly in warm weather, may help reduce oil consumption on a higher-mileage engine. Full synthetic oils will lower oil operating temperature and may reduce consumption.

• • •

I have a 1970 VW Bug with an add-on external oil cooler and 20,000 miles on a new (not rebuilt) engine. It runs cooler on multiweight oil than with straight 30-weight, but with so many varieties of oil on the market, which is best?

Air-cooled engines are also oil-cooled engines, so a synthetic multiweight oil would be an excellent choice to control oil temperatures.

• • •

Settle an easy question: What was the old General Motors "pecking order" from least expensive to most expensive? I say it was Chevy, Pontiac, Buick, Olds, then Cadillac. My buddy says it was Chevy, Pontiac, Olds, then Buick, then Caddy.

That's not an easy question. Before General Motors, Ransom Oldsmobile and David Buick were building cars before 1900. Billy Durant formed GM with the purchase of Buick in 1903 and Oldsmobile in 1909. He also added Cadillac and Oakland Motors (which became Pontiac) that same year. And finally, Chevrolet was added in 1916. By the end of the 1920s, each GM "brand" had is own marketing and identity.

I'm not sure it's possible to identify an absolute pecking order for GM vehicles, but by the late 1940s, several different automotive platforms were in production. The more expensive "C-body" was used for Cadillacs and Oldsmobiles and eventually for higher-end Buicks. The less expensive "A-body" was used for Chevrolets, Pontiacs and lower-end Oldsmobiles. Even at this stage, there was a great deal of "sharing" among GM brands.

By the late 1960s and into the 1970s, Buick, Olds and Pontiac shared many of the same platforms, so the "B-O-P" moniker applied to many chassis, engines and components. Perhaps that was an insight into today, where only Buick survives along with Chevy and Cadillac as the GM car brands.

So was it Buick, then Olds? Or Olds, then Buick? I guess it depends on which is your favorite. I lean toward Buick as the more prestigious brand. My dad drove a '41 Pontiac until the mid-1950s; then we had a succession of Buicks until he could afford a used Cadillac in the early 1960s.

There was a '68 Pontiac Catalina in there for a year or two, but he never liked the car so it was back to Cadillacs, including his last — a 1972 Sedan DeVille. In fact, I took my driver's test in our '59 Sedan DeVille, a leviathan of an automobile that made the parallel parking test a real challenge. We figured out a clever way to make sure I parked between the white lines ­— but that's a story for another day.

Great memories.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paulbrand@startribune.com. Please explain the problem in detail and include a daytime phone number.


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