Saturday, 1 October 2016
Last updated 18 hours ago
Apr 26 2013 | 10:18am ET
Pershing Square Capital Management's William Ackman no longer stands alone on J.C. Penney Co.
Hedge fund legend George Soros has bought a big stake in the troubled retailer, which recently parted ways with its once highly-touted CEO. His Soros Fund Management disclosed a 7.9% interest in Penney's yesterday.
Unlike Ackman's, Soros' stake is passive.
While Penney's prospects remain dark, with major cash-flow problems and plummeting sales, Soros has taken advantage of a 50% swoon in the company's shares during former Apple Inc. executive Ron Johnson's stormy 17-month tenure. Johnson was forced out earlier this month.
Pershing Square remains the largest shareholder in Penney's with a 17.8% stake. Soros, which is based in the same Manhattan building as Pershing Square, is now Penney's fourth-largest shareholder.