Ackman: JCPenney Sales Have Hit 'Bottom'
By Christina Cheddar Berk, News Editor
NEW YORK (CNBC) -- Hedge fund manager Bill Ackman remains steadfast in his belief that his investment in JCPenney (JCP) will pay off, and says he has the patience to wait out the company's turnaround under new CEO Ron Johnson.
In an interview Tuesday with CNBC's "Squawk Box," Ackman said JCPenney has the right management and the right strategy in place.
Pershing Square, the firm Ackman founded, has placed a big bet on JCPenney and is the department store retailer's largest shareholder. As of March 31, Ackman owned about 39 million shares, or about 17.9% of the company.That means Ackman took a big hit earlier this month when JCPenney shares plunged in the wake of a disappointing earnings report that signaled to some investors that the struggling retailer's new strategy may take some time to boost sales.
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--Written by Christina Cheddar Berk at CNBC
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