At some point a large interested party will propose a nice deal with JCP, only a matter of time. Lets not forget Ackman has a new pile of cash... Once one group announces interest, others will follow..
When JCP's death spiral first started CNBC brought an all star cast on comprised of Retail titans who said they would not touch JCP....
They said the Disney stores were a joke, sales are collapsing, nobody wants to touch this..JCP can't even find an outside CEO to try to turn it around..since NOBODY wants this on their resume...lmaoooooo
shoulda listened to them..........or do the retail longs know better then the Retail Titans...
Bass is joined by Richard Perry of Perry Capital, Larry Robbins of Glenview Capital, George Soros of Soros Fund Management and Chuck Royce of Royce & Associates (typically a small-cap manager), who all initiated a position in J.C. Penney in recent months.
Mario Gabelli of GAMCO Investors and Steven Cohen of SAC Capital Advisors also increased their holdings of J.C. Penney during the second quarter.
Don't you want to mention Soros and Buffett today? Or the Disney stores? Or Christmas shopping? Or maybe the return of Joe Fresh, Martha and next year's back-to-school sales. Or better home departments? Or same store comps that are negative but not as negative as they might have been? Or all the hedge funds that gobbled up Ackman's shares and the dilution from Goldman. You're not even trying here.
Thank you for a strong, positive post. We could use you on our MB (SPPI). Once, we had a great board, but this year we were overtaken by vile and/or criminally stupid sobs who drive most away..
Our doctors, researchers and other sources of important information are gone.
As for JCP, it is sad to see a favorite store fail due to three simple words: Everyday Low Prices. We no longer have to hunt for food, but the instinct is unchanged. Now, we are bargain hunters. Anyone who finds something they need and want at 70% off will be euphoric and proud. "Everyday low prices"? Who is going to brag about that? More importantly, who is going to stampede into the store as soon as the doors open? Such a disastrous mistake. Then a public apology? That's a bit like begging, imo. Now, management is doing what they should have done all along.
This may bring in customers but do little to improve revenues. My family has shopped at JCP for generations. When it comes to bedding, custom drapes, and household needs, JCP has always been the best. Terrific salespeople and delivery is prompt and on time.and there has never been a mistake. I hope it can be saved.