Hayman's Bass Appears to Be Sticking with JCPenney (JCP)...for Now
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JCPenney (NYSE: JCP) shares are up as Hayman Advisors' Kyle Bass. He reported buying a 5.2 percent stake in the company earlier in September.
Bass noted the former CEO Ron Johnson
Bass said the JCPenney didn't communicate well and obviously didn't appreciate a 38 percent dilution with the 84 million share offering made last month.
Bass thinks JCPenney will be able to stabilize the decline, but didn't indicate what his firm was going to do with its stake.
Shares of JCPenney are up 1.4 percent on Wednesday's session. The full video is below:
Bass noted the former CEO Ron Johnson
destroyed value in such a short period of timemore than he had seen in his entire life. He continued,
Bringing back Ullman, someone who knows retail very well...he has grown up in retail, he knows who the customer is, and our investment was predicated on the fact that...we thought J.C. Penney had an adequate liquidity to get through the holiday 2014.
Bass said the JCPenney didn't communicate well and obviously didn't appreciate a 38 percent dilution with the 84 million share offering made last month.
Bass thinks JCPenney will be able to stabilize the decline, but didn't indicate what his firm was going to do with its stake.
Shares of JCPenney are up 1.4 percent on Wednesday's session. The full video is below:
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