-
Investor ups stake in Penney to become second largest investor
New York -- Hedge fund manager Richard Perry has upped his already substantial share in J.C. Penney Co. Perry’s Perry Capitol LLC now ranks as Penney's second-largest investor after George Soros.
It was disclosed on Friday that Perry bought an additional three million shares of Penney in a secondary offering for $12.90 a share, and that it now owns 8.62% of the company, up from its previous 7.3% stake.
-
Old Navy to enter Philippines
San Francisco -- Gap Inc. will open its first franchise-operated Old Navy stores in the Philippines in 2014. Earlier this year, the company announced that it would begin franchising Old Navy stores internationally.
Gap will partner with Stores Specialists, which operates Gap brand and Banana Republic stores in-market, to open two Old Navy locations in the beginning of 2014 with plans to open additional stores by the end of the same fiscal year.