J.C. Penney Co., the department- store chain that hasn’t been profitable since 2011, sank in New York trading after saying it would sell shares to raise as much as $932 million and lowering its year-end liquidity forecast.
Activist investor Bill Ackman is selling his entire stake in J.C. Penney Co. after a public spat with the company’s board, marking an end to more than two years of failed efforts to agitate for changes at the retailer.
J.C. Penney Co., the retailer trying to reverse $1.6 billion of losses in the past year, sank the most in almost seven months after Goldman Sachs Group Inc. said its liquidity will be strained this quarter.
Bill Ackman’s Pershing Square Capital Management LP sold his J.C. Penney Co. stake for $504 million, about half of what he paid for it, marking an end to more than two years of failed efforts to revamp the retailer.
Mark Cohen, who teaches at Columbia University’s business school in New York, is a former chairman and chief executive officer of Sears Canada. Don’t get him started on Eddie Lampert, the chief executive officer and majority owner of Sears Holdings Corp.