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 thatall three of his majorforays into retail--with Target,Borders and J.C. Penney--have been failures.
Ackman indicated he mightsell his shares in J.C. Penney, noting:
"Clearly retail has 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 managementappears sick of having to adapted a poison pill plan today, to prevent anyindividual or entity from owning more than 10 percent of its shares, according to Bloomberg. According to a quote fromthe Bloomberg report:withwillfulinvestors 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 New York, said in a telephone interview. “It was a horrible situation and it puts an end to that.”