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New York -- Giving a much-needed boost to J.C. Penney Co., George Soros’ Soros Fund Management bought 17.4 million shares of the troubled retailer, according to a filing with the Securities and Exchange Commission.
The stake, which was seen as a vote of confidence in returning CEO Mike Ullman, makes the billionaire investor the fourth-largest Penney shareholder, with a 7.9% stake.