Billionaire financier George Soros has disclosed a 7.9 percent stake in beleaguered retailer J.C. Penney. That drove up the stock price in aftermarket trading yesterday.
Soros disclosed he owns about 17.4 million shares of the Plano, Texas, department store operator in a filing with the Securities and Exchange Commission. The SEC requires shareholders to disclose stakes of 5 percent or more in a company.
J.C. Penney earlier this month fired its CEO, Ron Johnson, after 17 months on the job and rehired his predecessor Mike Ullman. An ambitious turnaround plan by Johnson backfired and caused sales to plummet.
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