What Will J.C. Penney Stock Do After Recent News?
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J.C. Penney is a retailer operating over a thousand department stores in just about every state in the United States and Puerto Rico. Its business consists of selling merchandise and services to consumers through its department stores and website. It sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora, and home furnishings. The company has not done too well in recent years but it is doing what it can to be a top provider of apparel and related products. The products J.C. Penney is able to produce and market can take the company to rising profits, but it would need to see a change of approach soon.
J.C. Penney former shareholder Bill Ackman’s Pershing Square Capital Management has sold all of its shares in the struggling retailer to Citigroup (NYSE:C). Citigroup is offering the stake to other investors at $12.90 a share. Ackman has spent three years trying to revitalize the company, but his efforts mostly failed and his J.C. Penney stock was weighing down the performance of the hedge fund. Ackman stepped down from the company’s board two weeks ago.