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JCPenney’s Biggest Shareholder Has “Patience” for New Strategy

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New York–Despite its larger-than-expected first quarter loss and a 20% slump in its sales, JCPenney’s largest shareholder and board member William Ackman said Tuesday that he has complete faith in the department store’s “Fair and Square” strategy. Ackman, who is ceo and founder of Pershing Square Capital, which holds an …