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Vornado to Exit J.C. Penney Investment

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Vornado Realty Trust's CEO Steven Roth resigned from J.C. Penney's board of directors recently as he prepares to sell off his company's stake in the department store chain, Bloomberg reports.

Roth said he plans to sell the shares in the "not too distant" future. He has served on the board of directors since early 2011.

Vornado already disposed of almost half of its shares in J.C. Penney this March, at a loss of $97 million. 

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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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