George Soros Buys 7.9% Stake In Struggling JC Penney

Law360, Los Angeles (April 25, 2013, 10:21 PM EDT) -- Billionaire financier George Soros' hedge fund has purchased a 7.91 percent stake in J.C. Penney Co. Inc., worth about $264.6 million, according to a Thursday securities filing.

The investment could be a positive sign for the struggling retail chain, which reported a net loss of almost $1 billion for the 2012 fiscal year. Soros Fund Management LLC purchased 17.39 million shares of stock in J.C. Penney, according to the U.S. Securities and Exchange Commission filing.

The company's stock price rose five cents per share Thursday, to...
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