Wednesday, 1 October 2014
Last updated 10 hours ago
Apr 12 2013 | 10:40am ET
As things go from bad to worse at J.C. Penney, Pershing Square Capital Management is sticking with the troubled retailer.
The hedge fund's founder, William Ackman, denied rumors that he was preparing to dump his 18% stake in Penney's, in which Pershing Square is the largest shareholder. And with Penney's hiring the Blackstone Group to help it raise $1 billion in capital, Ackman said he and other shareholders are willing to contribute.
"We're prepared to put in more capital," Ackman told a business luncheon in New York. "I've spoken to the other big holders, a number of them, and if the money's needed, the shareholders will put it up."
Penney's this week parted ways with CEO Ron Johnson, the former Apple Inc. retail chief whose hiring was engineered by Ackman. Considered a coup for Penney's at the time, it proved a disaster, with Johnson's initiatives, including the ending of discount sales, driving Penney's customers away.
Ackman said that Johnson lacked "the execution, the basic blocking and tackling of running a retailer," although he blamed former chief operating officer Mike Kramer for that. He did say that Johnson's decision to remain in California, rather than at Penney's Texas headquarters, was a problem.
"The home team lost confidence."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...