NEW YORK (AP) — Hayman Capital Management is disclosing a stake in J.C. Penney Co. as the retailer's shares trade at their lowest prices in more than a decade.
In a regulatory filing Tuesday, Hayman Capital disclosed ownership of 11.4 million shares, which represents a 5.2-percent stake in JC Penney. According to FactSet, that would make Hayman Penney's fifth-largest shareholder.
The filing states that the shares "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer," meaning the firm does not aim to have a say in management decisions.
Penney's shares tumbled over the last year and a half as its sales slumped following a shift in strategy instituted by former CEO Ron Johnson. Under Johnson, the company replaced sales and coupons with everyday low prices and tried to target trendier, more affluent shoppers. The moves alienated Penney's customers, and Johnson was replaced in April after 17 months on the job.
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