Shares of struggling retailer J. C. Penney Company, Inc. (JCP) got a boost in afterhours trading on Thursday, after billionaire investor George Soros revealed a 7.9 percent stake in the department store chain. In a regulatory filing, Soros said he owns 17.4 million shares of J. C. Penney.
Over the past few months, J.C. Penney has worked to improve performance through changes in its pricing and promotional strategies, including the return of coupons, and the development of other new initiatives to drive store traffic.
On April 8, the company's Chief Executive Officer Ron Johnson stepped down. The department store chain reappointed Johnson's predecessor Myron Ullman III to lead the struggling company.
Earlier this month, the company drew $850 million out of its committed revolving credit facility of $1.85 billion to fund ongoing spending. The company also said then that it is working with financial advisors to explore additional capital raising alternatives and develop a strategic financial plan going forward.
JCP closed up 0.3 pecent on Thursday at $15.24. The stock rose 7.2 percent in the extended trade and was at $16.33.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.