J.C. Penney Adopts Plan to Protect Against Takeovers

J.C. Penney Co. adopted a shareholder rights plan to protect against takeovers for a year as the department-store chain works to recover from its worst annual sales in more than two decades.

The plan would be triggered if a person or group acquires 10 percent or more of the company’s shares or commences a tender or exchange offer that would result in someone owning more than that portion of the shares, the Plano, Texas-based retailer said today in a statement.