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.
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