George Soros Reports 7.9% Passive Stake in J.C. Penney

J.C. Penney Co. (JCP) rose in extended trading after billionaire investor George Soros disclosed a passive stake in the retailer.

Soros Fund Management’s stake is equal to 7.9 percent of J.C. Penney, according to a filing today. The investment makes him the fourth-largest holder based on equity stakes, according to data compiled by Bloomberg.

J.C. Penney is trying to rebound from a 25 percent drop in sales and a net loss of $985 million last year under the leadership of Ron Johnson, who was replaced as chief executive officer by Myron Ullman earlier this month. Ullman, who left the CEO role in 2011 for Johnson, has already tapped the company’s credit line and is seeking to raise more cash.

J.C. Penney rose 6.2 percent to $16.19 at 4:16 p.m. in New York.

To contact the reporter on this story: James Callan in New York at jcallan2@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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