The smart money is shopping for bargains again at
JCPenney. At least two major hedge funds
have amassed significant stakes in the troubled retailer, The NY Post has learned
— even as billionaire George Soros last week revealed a surprise stake equal to
7.9 percent of the company.
One of the new pair of investors — a hedge fund worth more
than $10 billion, according to one source — has scooped up a stake worth
between 5 and 10 percent of the department-store chain, according to Wall
Street insiders briefed on the investment.
The identity of the fund couldn’t be learned, but the stake, like the
one taken by Soros, is said to be passive. It is expected to be revealed in a
securities filing by mid-May…..
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