Skip to comments.With J.C. Penney Struggling to Write Itself, Enter Soros (Another reason to boycott)
Posted on 04/25/2013 2:12:57 PM PDT by Marathoner
Legendary investor George Soros Soros Fund Management has taken a 7.9% stake in the retailer, according to an SEC filing Thursday. The news sent J.C. Penney shares higher after-hours, up 6.6% to $16.25. At that price, Soros holdings are worth $283 million.
Soros, who famously broke the Bank of England in 1992 as part of a group that heavily shorted the British pound, owns just under 17.4 million shares of J.C. Penney, according to the filing. His stake puts him among the retailers five largest shareholders.
(Excerpt) Read more at forbes.com ...
Was that really the headline? Write?
Soros also shorted the Russian Rouble. There is still a warrant for his arrest in Russia, but we don’t have an extradition treaty, or that’s the excuse the Russians give. Likely there are some high-up officials on the take from Soros.
He also shorted the French Franc. Had to pay a $100 million fine. It was chump change compared to what he made on the deal.
Meanwhile, the common people who depend on the value of their money saw their purchasing power diminish accordingly.
The daily struggle for correct English on FR.
Uh, no. Unless Forbes just fixed it.
Yep, except for the added in parenthesis.
Nope, checked for myself and there it is spelled “right”.
Write on, brother! :=)
Well, as my tagline states... :)
“Writing itself”... you know, the JC Penny autobiography.
Nope, write should be right. Sorry about that (in a hurry)
I have a feeling he’ll be seeing a lot of those Jews on his judgment day.
That can't be correct, if you axe me.
I’m done shopping at Penney’s.
FUGS, you Nazi-collaborating b@stard.
Shouldn't you "loose" the ly in seriously?
Coming soon to America...
Cesar Conda, chief of staff for Marco Rubio, used to work for Soros. Probably still does, he sure does his bidding.
Randy Scheunemann, a former foreign policy adviser to Senator John McCain, also lobbies for Soros.
WHO IS CESAR CONDA?
Not so concerned with FR posters as with Forbes. Seeing so many mistakes from formerly very picky organizations. It’s a sign of the apocalypse.
Sad that Forbes could miss that.
Yeah, I’m really disappointed with Rubio. In fact, I fear he’s going to wind up being OUR Obama.
I think JCP is dead.
Kick it to the curb...
so now soros sells and banks the gain, suckers.
If the title was copied and pasted, rather than being typed in by the OP, it has since been corrected at the site (or is that sight?).
What a shame for a once-fine store.
Except they didn't.
As a former corporate executive it was always a little daunting to have work with and please important outside investors. In some cases it was rewarding when the investor was likable and willing to have a mutually beneficial relationship. In other cases it could be intimidating when the investor tried to create an atmosphere of dominance and intimidation. I am betting that it would not be fun to work for George Soros.
Hmmmm....adding to the “list”
Just Cheap Pickins for Soros.
Yes, and since we may be writing its epitaph, here's a memory from about 1972, when my best buddy and I were about 13 years old:
The JC Penney just across the street was where we'd sometimes buy 45 RPM hit singles.
One day we heard (probably via radio) that Olivia Newton-John would be appearing at that very same JC Penney store.
We ran over there and ogled her from about 20 feet while she sat and autographed her latest vinyl records, conveniently sold there.
We wanted an autograph, but didn't have the $7 for her LP....
But as a 13-year-old boy, it was worth seeing her.
She was about 24 years old...it was just before her career really took off.
Is Forbes edited by illiterates? A company or boat can right itself — not write itself.
The original poster says that the title was as posted. Forbes may have fixed it since.
That is “Right” itself, not “Write.”
George Soros is the hagfish(*) of the financial markets.
Even his name should be George “Hagfish” Soros.
(*) aka “The most disgusting creature in the ocean.”
Hey, nobody axed you, looser!
How tough can it be to write “itself”?
Take it easy guys..I work there and have watched this before Johnson came on board til now.
I can say our business has picked up at my store since Ullman took over....and the employees are in a far better frame of mind.
I work part-time, but what's amazing is how little the employees know about what's happening in the company....let alone have conversation with any about it.
At any rate this news of Soros is disturbing....he's a bottom feeder when companys etc. are going down.
Not so fast...Penneys isn’t done yet...’Marketwatch reports’ BEFORE soros got on board things were improving...
Soros Fund Management disclosed that it owns 17,386,361 Penney shares.
The purchase was ‘another’ vote of confidence for returning Chief Executive Mike Ullman after the struggling retailer ousted Ron Johnson on April 8.
Since then, Ullmans support appears to have been growing steadily.
Gilford Securitiess Bernard Sosnick, a 30-year retail industry analyst, on Monday ‘upgraded his rating on the stock’ to buy from neutral, as he said ...”Penney is at an inflection point, moving from danger to a more secure foundation.
Craig Johnson of Customer Growth Partners, which advises retailers and institutional investors, has told MarketWatch his firms store checks showed .....”foot traffic to Penney had been up year-over-year for a full month since mid-March,( After Johnson was fired)... the best since Johnson initiated the turnaround that led to almost $1 billion in losses last year, with a small improvement in visits that resulted in purchases.
Analysts have also said Ullman appears to have a logical plan to fix Penney..... Hes also taken steps to reassure suppliers..... To bolster the companys dwindling cash coffers,... Penney has tapped $850 million from its revolving credit line and on Thursday filed a shelf registration indicating it may sell a mixture of equity and debt securities to raise additional funding.