J.C. Penney Co. rose after reiterating that it expects positive comparable-store sales trends in the second half of the year after its stock plunged in the past week over concerns that it’s running out of cash.
Vornado Realty Trust Chairman and Chief Executive Officer Steven Roth resigned from J.C. Penney Co.’s board as his firm plans to sell its stake, ending a costly three-year attempt to remake the department-store chain.
J.C. Penney Co. countered criticism from investor Bill Ackman last week by saying it’s focused on stabilizing the business and winning back customers. Results next week will show what little progress has been made.
KKR & Co., the private-equity firm run by Henry Kravis and George Roberts, is weighing an investment in Saks Inc. and may seek a merger with rival Neiman Marcus Group Inc., said people with knowledge of the matter.
Hudson’s Bay Co., a middle-market Canadian department store chain with a similar assortment to Macy’s, has agreed to pay $2.4 billion to acquire Saks Inc., one of America’s most prestigious luxury retailers.