George Soros Reports 7.9% Passive Stake in J.C. Penney

Posted in the Minneapolis Forum

Capt Crunch

Minneapolis, MN

#1 Apr 25, 2013
Source: Bloomberg News

J.C. Penney Co.(JCP) rose in extended trading after billionaire investor George Soros disclosed a passive stake in the retailer.

Soros Fund Managementís stake is equal to 7.9 percent of J.C. Penney, according to a filing today. The investment makes him the fourth-largest holder based on equity stakes, according to data compiled by Bloomberg.

J.C. Penney is trying to rebound from a 25 percent drop in sales and a net loss of $985 million last year under the leadership of Ron Johnson, who was replaced as chief executive officer by Myron Ullman earlier this month. Ullman, who left the CEO role in 2011 for Johnson, has already tapped the companyís credit line and is seeking to raise more cash.

J.C. Penney rose 6.2 percent to $16.19 at 4:16 p.m. in New York.

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Uh oh. Where will right wingers buy their clothes now??? But the last time JC Penney annoyed the nuts (with the father's day ad with the two gay dads) did NOT cause much damage to the company profits.

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