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JC Penney closing some stores; Ackman on board

from The Associated Press via Yahoo News

J.C. Penney Co. is closing some stores, outlets and call center locations and continuing to work on an exit from its catalog business in an effort to streamline operations and boost profits. The department store operator also said that Vornado Realty Trust Chairman Steven Roth and activist investor William Ackman will become board members. Penney's enacted a "poison pill" in October after both Ackman and Vornado took large stakes in the company. more


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