Shareholder Trying to Dump Giant JCPenney Stake
By: John Melloy
A 10 million share block in troubled retailer JCPenney was being shopped Monday by Deutsche Bank's trading desk, according to multiple sources.
The asking price of the block owned by Vornado Realty Trust was for a range between $16.40 and $16.60, one source confirmed, valuing the stake between $164 million and $166 million.
Bill Ackman's Pershing Square, Vornado Realty Trust and Dodge & Cox were the biggest holders in the stock, each owning more than 20 million shares, according to the latest filings.
(Read More: 'No Compelling Reason' to Buy JCP: Adami)
JCPenney shares are down 16 percent this year alone after the company reported a 28 percent slide in fourth quarter sales.
This most recent sales speedbump has tried the patience of many holders waiting for a turnaround from CEO Ron Johnson, who joined the firm from Apple in June 2011.
