Vornado Loses $256.2 Million on Investment in J.C. Penney
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Vornado Realty Trust lost a total of $256.2 million over the course of its three-year investment in the J.C. Penney Co. department store chain, the company said today in a regulatory filing.
The New York-based real estate investment trust sold its last shares of J.C Penney on Sept. 19, recognizing an $18.1 million loss, according to its quarterly earnings report. Vornado Chairman Steven Roth had joined co-investor Bill Ackman in a failed attempt to revitalize the retailer.