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Hedge Fund Chief Dumps JCPenney for $490M Loss

Newser – After buying a huge stake in JCPenney and backing a disastrous revamp that has left the chain floundering, Bill Ackman has decided he’s done with the company.

The Pershing Square hedge fund Ackman runs has announced its intention to unload its 18% stake in the company at a price that’s about half what it paid a few years ago, a move that will cost the fund around $490 million, USA Today reports. Ackman quit the JCPenney board earlier this month after a conflict with other directors.

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