By  on August 29, 2013

Shares of J.C. Penney Co. Inc. fell 2.8 percent Thursday to $12.40, although the stock hit a new 52-week low in intraday trading at $12.26.

The closing price is below the $12.60-per-share price in connection with the nearly 39.1 million shares sold by former board member William Ackman.

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