Another JCP Investor Cuts Stake In Sputtering Retailer

Law360, New York (October 1, 2013, 11:14 AM EDT) -- Another big investor lopped its stake in J.C. Penney Co. Inc. late on Monday, adding to a string of shareholders that have either fully exited or dramatically pared down their investments as the Texas retailer continues its skid.

Perry Corp., the eponymous New York fund run by Richard Perry, hacked its J.C. Penney interest to just 3.28 percent — less than half of the 8.6 percent stake it bought about a month ago. The move followed the retailer's announcement last week that it would issue almost...
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