J.C. Penney cuts 600 headquarters jobs

J.C. Penney cuts 600 headquarters jobs J.C. Penney Co. laid off 600 employees from its corporate headquarters, about 14 percent of the staff there, and said it would close one of its three call centers later this year, eliminating another 300 jobs. The company's new CEO, Ron Johnson, said earlier this year he planned to reduce annual expenses by $900 million by the end of next year, including $200 million from corporate headquarters. Darcie Brossart, a J.C. Penney spokeswoman, said no senior executives were laid off.

Facebook to be listed on Nasdaq, reports say Facebook Inc. plans to list its shares on the Nasdaq Stock Market, further cementing the exchange operator's position as the favored venue for the biggest U.S. technology companies, Bloomberg News and the Wall Street Journal reported. Both news organizations cited anonymous sources familiar with the decision. Facebook filed for a $5 billion initial public offering on Feb. 1. Robert Madden, a Nasdaq OMX spokesman, declined to comment on the reports.

Olbermann sues Current TV for $50 million Keith Olbermann is suing his former employer, Current TV, for more than $50 million and blasting it for what he claims were shoddy production values. Olbermann's breach-of-contract lawsuit, filed in Los Angeles, also seeks a judge's ruling that he didn't disparage the network before his firing, and that his former bosses violated his agreement by disclosing how much he was being paid. Current spokesman Christopher Lehane said Olbermann was fired for missing work, "sabotaging the network" and disparaging his bosses.

Great Wolf shares rise after higher buyout bid Shares of Great Wolf Resorts Inc. rose to their highest level in almost four years after the Wisconsin-based resort operator received a higher buyout offer than one proposed by Apollo Global Management. KSL Capital Partners offered to buy the company for $6.25 per share in cash, Madison, Wis.-based Great Wolf said. Apollo has offered $5 a share in a deal valued at $703 million. Great Wolf said it will consider and evaluate the proposal by KSL, a private equity firm based in Denver. Great Wolf jumped 15 percent to $6.58 a share.

Bank of England keeps rates at record low The Bank of England kept its main interest rate at a record low because of concerns about higher energy prices and the continuing economic crisis in Europe. The bank left the interest rate unchanged at 0.5 percent and kept its bond purchasing program at $516 billion as expected. Britain's economy has shown some signs of improvement over the last two months, and the rate of consumer price increases has started to slow.

SAP's North American chief leaves company SAP AG, the biggest maker of enterprise-management software, said Robert Courteau, the president of its North America operations, has left the company at his own request after 15 months in the job. Courteau, who joined SAP in 2004, was appointed to the position in January 2011. Robert Enslin, the company's head of global sales who previously held the post, will assume Courteau's responsibilities until a replacement is found, spokesman Christoph Liedtke said.