Billionaire financier George Soros has taken a 7.91 percent stake in slumping retail giant J.C. Penney, according to a Securities and Exchange Commission filing Thursday.
Soros and his fund, Soros Fund Management, purchased 17.4 million Penney shares, worth $261 million at the end of trade Thursday, as the struggling retailer adjusts to a new chief executive following a leadership shakeup earlier this month.
The company, with 1,100 stores around the country, rehired its former chief executive Myron Ullman after a makeover implemented by former Apple executive Ron Johnson led to plunging sales.
Ullman served as chief executive of J.C. Penney for seven years prior to Johnson’s appointment.
Shares of Penney rose 7.5 percent to $16.38 in after-hours trading following reports of the Soros investment.
Soros takes 7.9 percent stake in JC Penney
