Shares of J.C. Penney Co. Inc. rose 1.9 percent Tuesday, to $12.72, after two institutional investors upped their stakes in Penney’s.
According to regulatory filings with the Securities and Exchange Commission, New York City-based Glenview Capital Management said it now holds a 9.1 percent stake in Penney’s, or 20.1 million shares. That makes Glenview the largest institutional stakeholder of Penney’s stock.
Close behind is George Soros of Soros Fund Management. Soros, also at 9.1 percent, holds 19.98 million shares.
Also upping its stake in Penney’s is J. Kyle Bass’ Hayman Capital Management, which has taken a 5.2 percent holding, or 11.4 million shares, in the retailer. Bass, who founded the Dallas-based hedge fund, made his name betting against subprime mortgage bonds before the housing crash.
The investor, who is chairman of Barneys New York and designer Lisa Perry’s husband, is known for betting on distressed companies and began building his Penney’s stake in July. While Perry had sided with former Penney’s board member William Ackman of Pershing Square Capital Management in seeking a permanent chief executive officer for the retailer to succeed Myron “Mike” Ullman 3rd, some financial sources said his overall view is more aligned with Soros’ long-term vision of the merits of Penney’s as an investment.
@juicebeauty, where @gwynethpaltrow holds the title of creative director of makeup, has become one of the foremost labels in the organic beauty category –– with sales on track to hit $100 million this year. What’s behind the rapid growth the brand is experiencing right now? It all started in 2005 when the wellness movement was just getting started. Read more on WWD.com. #wwdbeauty
Stay up to do date with breaking news and trending stories with WWD’s “The Essentialist.” Our newsletter delivers the top news in fashion right to your inbox. Want more info? Link in bio. #wwdfashion (📷: @kukukuba)
"I want to tell a story that inspires people to feel good about themselves, but also I'm making a commentary about the lack of female stories and female directors and saying this should change," said @imheathergraham on her latest project "Half Magic." The comedy feature, which the actress wrote and directed, is based on her own struggles as a woman in show business. Read @andrewnodell's full interview with Graham on WWD.com. #wwdeye (📷: @jgreenery)
@meltcosmetics cofounders @lora_arellano and @danabomar built their brand on a single idea: a true matte lipstick. To set the brand apart, they said they always put their customers first –– including a personalized note in each package. #wwdsummits #wwdbeauty
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.