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George Soros Buys Stake in J.C. Penney: Vote of Confidence?

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George Soros has quietly purchased 17.4 million shares of struggling retailer J.C. Penney for $265 million, The Wall Street Journal reports. Soros is now the fourth biggest stakeholder in the company, although he plans to take a passive role.

According to WSJ:

"The vote of confidence in the company and apparently in the reshuffled management sent J.C. Penney shares up 6.3% to $16.20 in after-hours trading. That would be the highest the stock has traded since its chief executive Ron Johnson was ousted earlier this month." 

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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