Last Thursday, billionaire investor George Soros revealed that his firm Soros Fund Management owns a 7.9% stake in the struggling retailer. Soros seems to be either placing a long-term bet on JCP's turnaround after the company reinstated Myron "Mike" Ullman as CEO replacing Ron Johnson or he could be looking to make a profit -- at the expense of retail investors, according to TheStreet's Rocco Pendola. The New York Post is also reporting that two unnamed hedge fund managers have started amassing shares of JCP, citing an anonymous source. One fund, said to be worth more than $10 billion, scooped up shares between 5%-10% of the retailer. The stake is likely to be passive, the Post says. A second hedge fund has also begun buying shares of late, the article says. Pershing Square's Bill Ackman is JCPenney's largest shareholder. Retail stocks were mixed following the opening bell on Monday. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
Twitter and become a fan on Facebook.