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UPDATE 1-Hedge fund manager Ackman says mistakes made in JCPenney turnaround
By: Svea Herbst-Bayliss and Katya Wachtel
Speaking bluntly, Ackman, who sits on the JC Penney board and whose $12 billion Pershing Square Capital Management is the company's largest shareholder, said big mistakes have been made remaking the 110 year-old retail brand.
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