By  on March 5, 2013

Vornado Realty Trust is backing away from J.C. Penney Co. Inc. now that its effort to reshape the retailer alongside activist investor William Ackman has produced a year of steep losses and a dramatic stock decline.

Vornado said late Tuesday in a regulatory filing that it sold 10 million Penney’s shares to Deutsche Bank at $16.03 each. Rumors of that sale helped push the retailer’s stock down by 10.6 percent Tuesday to $14.96 as Wall Street rallied to a new all-time high.

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