NEW YORK • J.C. Penney’s largest investor and former board member is bailing out.
William Ackman of Pershing Square Capital Management is selling his nearly 18 percent stake, or 39.1 million shares, in the struggling retailer, according to regulatory documents filed late Monday.
The move comes two weeks after Ackman resigned from J.C. Penney’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.
The news sent Pe...
Share this post
← Back to Utah