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New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

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Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

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Fort Worth-based Woodmont plans $80M Hard Rock Hotel retail center

Woodmont Outlets of Fort Worth, an affiliate of The Woodmont Co., has partnered with Cherokee Nation Businesses for a proposed upscale retail development at Hard Rock Hotel & Casino Tulsa.

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Fort Worth firm 'simplifies' advertising

Reaching customers requires more than price slashing and flashy ads. In today’s competitive marketplace, machines – not men and women – are essential to tapping new markets and

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Trinity Valley School leader to leave in May 2015

Gary Krahn, head of school for the past eight years at Trinity Valley School in Fort Worth, will leave his position in May 2015 when he and his wife Paula will move

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JC Penney adopts 'poison pill' plan
 
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PLANO, Texas (AP) — Struggling retailer J.C. Penney is adopting a plan to prevent a takeover attempt just two days after reporting its sixth straight quarter of big losses and steep revenue declines.
 
It's the second time in recent years that the company has put into place a so-called "poison pill" plan.

 

In October 2010 J.C. Penney enacted the defense after activist investor William Ackman of Pershing Square and Vornado Square Management, chaired by Steve Roth, snapped up large stakes. The company eventually put both men on its board, a decision that ended badly last week.

Ackman resigned from the board after lashing out at other directors publicly. The two sides hammered out an agreement that will allow Ackman to unload his J.C. Penney stake. Roth is still on the board.

J.C. Penney said there is no current attempt to take over the company. However, the plan announced Thursday can be put into effect if an individual or an entity acquired 10 percent or more of the company's outstanding stock.

The corporate defense strategy allows existing shareholders to buy more shares at a very low price if that occurs.

J.C. Penney said that the plan does not include "certain affiliates of Pershing Square Capital Management, L.P. or certain affiliates of Vornado Realty Trust so long as such party's beneficial ownership is permitted under such party's letter agreements with the company."

The retailer is trying to survive a botched turnaround strategy by ousted CEO Ron Johnson. It brought Mike Ullman to the top post in April, after he occupied the position from 2004 to 2011. Ullman has been bringing back coupons, frequent sales events and basic merchandise like khakis and jeans that Johnson eliminated in a failed attempt to attract hipper, more affluent shoppers.

J.C. Penney amassed nearly a billion dollars in losses and its revenue dropped 25 percent for the fiscal year that ended Feb. 2 in the first year of Johnson's turnaround strategy.

Under Ullman's leadership, J.C. Penney is bringing back store label brands like St. John's Bay that were eliminated by Johnson. The company also is working to restage the home departments in the stores where new designers like Jonathan Adler and Michael Graves were added.

J.C. Penney said that its "poison pill" will be effective until Aug. 20, 2014, unless rights are redeemed or exchanged for shares of its common stock on an earlier date.

The retailer's stock shed 13 cents to close at $13.20.

 

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What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?