Last Wednesday, J.C. Penney shares plunged nearly 20 percent—the worst decline ever for the retailer’s stock—after quarterly results disappointed investors.
The very same day, Bill Ackman, founder of Pershing Square Capital Management, gave a spirited defense of the company at the Ira Sohn conference. Ackman is a long-time holder of J.C. Penney stock.
Ackman argued that the company was beginning a turnaround under its new chief executive, Ron Johnson, former head of Apple’s retail operations. J.C. Penney was going to end its past practice of constantly changing pricing, improve the quality of merchandise and launch a series of stores-within-stores built around specific brands.
His presentation included 60 or so slides. Now you can read them for yourself, right here:
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