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

[alp227]

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 Management’s 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 company’s 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.

Read more: http://www.bloomberg.com/news/2013-04-25/george-soros-reports-7-9-passive-stake-in-j-c-penney.html

---

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.

[secondvariety]

1. Good.

I like Penny's.

[Frustratedlady]

2. Me, too.

I hope they bring back the quality and Cabin Creek line.

[BainsBane]

9. I used to like Penny's

Until that ex-Apple CEO messed with it.

[grantcart]

3. I talked to the wife of the Hotel manager where I am staying who has worked at Penny's

for a long time.

She said that when Penny's stopped with the coupons it killed their business. People are addicted to the weekly coupons and even though they know that the prices have been increased and then cut that they cannot resist it and go instead to Dillards and Macy's.

Glad to see Soros is stepping in and hope they turn it around.

[secondvariety]

12. I know I was hooked.

Once they know you're a repeat customer, they'll send additional, double top secret coupons. I've gotten some ridiculously good deals at Penny's.

[BaronChocula]

4. My spidey senses are tingling

I predict a conserv-o-tron boycott of JCP in 5... 4... 3...

[onehandle]

6. Already happened. Ellen DeGeneres was their spokeswoman last year.

She has teh gay.

[BaronChocula]

8. Correct

I should have said "another..."

[alp227]

11. Oh, SOROS IS A JEWWWWW!!!! JEW! JEW! (a big deal to the crazier right wingers)

Part of the NEW WORLD ORDER!

CREEPING SOCIALISM!

Part of the SHADOW PARTY! (Actually a book by David Horowitz, who made "liberal bias in academia" a mainstream belief. The subtitle of the Shadow Party book? "How George Soros, Hillary Clinton, and Sixties Radicals Seized Control of the Democratic Party"!)

[SunSeeker]

5. Good. Which reminds me. I need to go shopping there. nt

[davidpdx]

7. He lost a heavy amount

Of course he can afford it. If it is a passive stake that means he didn't have anything to do with Johnson getting fired. Johnson ran the company into the ground. Thankfully he didn't receive a golden parachute since the stock did so poorly.

[hughee99]

10. What's a "passive stake"?

Does that mean he doesn't care to get involved in the business but owns 8% of it?