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Vornado ups stake in J.C. Penney
Plano, Texas -- J.C. Penney Co. said Monday in a regulatory filing that it has allowed shopping center owner Vornado Realty Trust to increase its stake in the department store retailer, from 9.9% to 15.4%.
The move eases a poison-pill restriction that had prevented Vornado from previously buying additional J.C. Penney shares. It mirrors a deal struck with Penney’s largest shareholder William Ackman, who received the go-ahead to up his stake, held through his Pershing Square Capital Management hedge fund, from 16.5% to as much as 26.1%.
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Holiday hiring seen as flat to slightly lower
New York City -- Holiday retail hiring is expected to be flat or even slightly lower compared with last year, according to Challenger, Gray & Christmas’ annual holiday hiring forecast.
The outplacement consulting firm said 627,000 seasonal retail jobs were created from October through December in 2010. The total was up 27% from 2009, and nearly double the 26-year low that occurred in 2008.