J.C. Penney Co. Inc. has taken a page from the Target Corp. playbook and hired Goldman Sachs to help play defense against activist investor William Ackman, sources said.
Ackman plans to “engage in discussions” with Penney’s management and other stakeholders concerning the firm’s “business, assets, capitalization, financial condition, operations, governance, management, strategy and future plans.” Little is known of Ackman’s plans beyond that catchall laundry list, which was included in one of last week’s regulatory filings from Pershing Square Capital Management, where he is chief executive officer.
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