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JCPenney Posts Q1 Profit Rise on Cost Cutting, Exclusive Brands

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Plano, TX–JCPenney reported today a 6.7% increase in first-quarter profit, helped by its cost-cutting restructuring and demand for its private brands such as Liz Claiborne. The better-than-expected first quarter results helped lift the retailer’s stock 5% in trading early morning today. Net income for the quarter ended April 30 increased …

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JCPenney Adds Ackman to Board, Exits Catalog Business

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Plano, TX—While announcing plans to close under-performing stores and exit its catalog business, JCPenney said today it would be adding Bill Ackman, ceo of Pershing Square Capital Management, and Steven Roth, chair of Vornado Realty Trust, to its board. Ackman’s and Roth’s additions signaled a new spirit of cooperation between …

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JCPenney Enacts Poison Pill After Ackman Buy

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People

Plano, TX—JCPenney adopted today an anti-takeover defense, after hedge fund manager Bill Ackman and Vornado Realty Trust bought about 25% stake in the retailer’s shares. Although Ackman’s name was not mentioned specifically, but in a statement, JCPenney’s board of directors stated: “The Board adopted the Rights Plan, which has a …