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Ackman out, drama remains at J.C. Penney

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Too bad activist investor Bill Ackman threw in the towel: His letters last week critical of the leadership at J.C. Penney Co. offered a reality-TV-like look into the inner workings of the struggling retailer. But even Ackman, whose hedge fund owns a big chunk of Penney stock, recognized the missives were a distraction, and so on Tuesday resigned from the company’s board of directors. Ackman’s Pershing Square Capital Management buys into public companies with an ...


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