Soros Buys In To J.C. Penney

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.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of