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J.C. Penney retains Goldman to defend against Ackman


Plano, Texas A Wednesday report by Women’s Wear Daily said that J.C. Penney has hired Goldman Sachs as an adviser as the retailer preps for a possible battle against hedge fund manager William A. Ackman.

After recent securities filings showed that Ackman’s firm, Pershing Square Capital Management, had taken a 16.5% stake in J.C. Penney, later reports added that Ackman is working with another major player in commercial real estate, Vornado Realty, which disclosed that it had taken a 9.9% in J.C. Penney.

J.C. Penney CEO Myron E. Ullman III is expected to meet with Ackman and Steven Roth, chairman of Vornado Realty Trust, within the next 10 days, Women’s Wear Daily said.

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