William Ackman’s throwing in the towel at J.C. Penney Co. Inc.
The lightning rod activist investor arranged on Monday to sell his 39.1 million shares of Penney’s in a stock offering being underwritten by Citigroup — beginning the process that will end his dramatic three-year run as a central figure at the struggling company. The stake represents 17.7 percent of Penney’s stock.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"