Perry bought the stock at $12.90 and now owns 19 million shares of Penney’s, or about 8.6 percent of the company, according to a filing with the Securities and Exchange Commission.
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.
Perry took Ackman’s side as the activist, who was then a Penney’s board member, clashed with the firm’s other directors and tried to replace Myron “Mike” Ullman 3rd as chief executive officer.
“Shareholders and creditors have increasingly lost confidence in the company, as evidenced by the recent significant decline in the company’s stock and bond prices,” wrote Perry in an open letter to the board. “This market reaction is particularly alarming given the company’s meaningful improvement in liquidity following its $2.25 billion term loan financing. We strongly urge the board to take immediate and proactive steps to improve the financial and operational management of the company.”
Perry approved of a plan that was being speculated about at the time, which could have seen the return of former Penney’s chief Allen Questrom and possibly Footlocker chief Ken Hicks, who had been president and chief merchandising officer at the department store.
Shares of Penney’s closed up 0.7 percent to $12.48 in open trading on Wall Street Friday.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
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For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)