JCPenney’s biggest investor Bill Ackman is through with the retailer, selling his entire 18 percent stake to Citigroup and taking a more than $400 million bath on the deal.
JCPenney’s biggest investor, William Ackman, plans to raise up to about $504.4 million from the sale of his entire stake in the struggling department store operator.
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.
JCPenney is reporting another big loss on a nearly 12 percent drop in revenue for the second quarter.
JCPenney and its largest shareholder, William Ackman, have made a deal that sets terms for allowing him to unload his stake in the company.
The boardroom drama may be over, but J.C. Penney is still grappling with an uncertain future.
William Ackman has resigned from JCPenney’s board as part of a deal to resolve a public battle between the activist investor and the struggling department store operator.