Soros is now an important shareholder of US J.C. Penney
Financier George Soros has acquired a 7.91 % stake or 17.4 million shares in troubled American J.C. Penney. As we know, its CEO Ron Johnson (ex Apple) was sacked.
The former CEO Ron Johnson returned to the company and is expected to reinstate promotions in an effort to increase sales and to stop their decline. He will complete the renovation of the chain’s home department started by Ron Johnson and has to face the battle with Macy over Penney’s right to sell the Martha Stewart brand.