J.C. Penney Co. disclosed that the U.S. Securities and Exchange Commission asked for information about the retailer’s finances, including a stock sale in September that it’s using to fund an attempted turnaround.
J.C. Penney Co., which earlier this week posted November sales that missed some analysts’ estimates, fell for the second straight day after hedge fund manager J. Kyle Bass said he sold his stake in the struggling retailer.
J.C. Penney Co. showed progress in its attempted turnaround as revenue declines slowed in the third quarter and the department-store chain said sales and profit margins would improve during the holiday shopping season.
More U.S. companies are luring top executives with multimillion-dollar “golden hello” signing bonuses, undeterred even as high-profile flameouts such as Ron Johnson’s short tenure at J.C. Penney Co. expose the risks.
J.C. Penney Co. investors Glenview Capital Management LLC and Hayman Capital Management LP cut their stakes in the retailer by a combined 13.4 million shares as the stock plunged amid a share offering.