So-called “activist” investors now own a quarter of J.C. Penney stock, according to SEC filings.
Pershing Square Management, run by William Ackman, now holds a 16.5% stake of the retailer. It made the investment in consultation with Vornado, which recently bought 9.9% of the retailer’s shares.
“Activist investors” have had mixed with tracked records in the jewelry industry – with Richard Breeden recently stepping down from Zale’s board after buying approximately 28% of its stock.
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