Updated on August 22, at 4:30 p.m.
Having to resign from J.C. Penney's board of directors must have been a humbling experience for Bill Ackman. The Tribune reports that in his latest letter to shareholders, the hedge fund investor acknowledges that all three of his major forays into retail--with Target, Borders and J.C. Penney--have been failures.
Ackman indicated he might sell his shares in J.C. Penney, noting:
"Clearlyhas not been our strong suit, and this is duly noted," Ackman wrote in a 23-page long, second-quarter letter to investors, dated August 20 and seen by Reuters.
Update: For its part, J.C. Penney's management appears sick of having to adapted a poison pill plan today, to prevent any individual or entity from owning more than 10 percent of its shares, according to Bloomberg. According to a quote from the Bloomberg report:with willful investors as well. The retailer
“The obvious reason is to avert any future situations as arose with Ackman and Vornado,” Bernard Sosnick, an analyst with Gilford Securities in, said in a telephone interview. “It was a horrible situation and it puts an end to that.”