Business, Finance & Economics

George Soros buys 8% stake in JC Penney, stocks rise

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Billionaire hedgefund manager George Soros bought a nearly eight percent share in American retailer JC Penney on Thursday.

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George Soros bought a nearly eight percent stake in American retail giant JC Penney Thursday.

Hedgefund billionaire Soros said that he had acquired a passive 7.9 percent stake in the embattled retailer.

That's equivalent to about 17.4 million shares.

Bloomberg said that he would be the fourth largest shareholder in the company.

JC Penney is fighting back hard after a 25 percent drop in sales last year.

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That was coupled with a net loss of $985 million, spurring a change in CEOs.

The company is actively seeking more cash in order to have a chance at a comeback.

Shares in the company rose nearly seven percent in after hours trading to $16.19 after Soros made the announcement.