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Vornado Drops J.C. Penney

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In what is certainly not a vote of confidence, one of J.C. Penney's main shareholders, Vornado Realty Trust, has sold 10 million shares of the retailer, or half of its investment stake, according to Bloomberg. Last week, Vornado reported a $224.9 million loss on its J.C. Penney investment.

In February, the department store chain reported a disastrous fourth quarter 2012, including a 31.7 percent drop in same-store sales. Many industry insiders attribute the fall in sales to Ron Johnson's less than successful attempts to overhaul the company's image.

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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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