Wednesday, April 10, 2013

Ackman expected to stick with JCPenney

Sure, JCPenney may be a sinking ship, but Bill Ackman is sticking around to bail it out.  The New York hedge-fund tycoon is expected to stay put as JCPenney’s biggest investor, with a nearly 18 percent stake, and back the retailer’s scramble to repair the damage done by ousted CEO Ron Johnson, sources told The Post.

That’s despite the fact that it was Ackman who installed Johnson at the helm of the company 17 months ago with an ambitious but doomed plan to overhaul the aging department-store chain.

“The priority right now is stabilizing the company and finding a permanent CEO,” according to an insider close to the situation, adding that Ackman appeared to be playing a key role in the process….

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