Seeking Alpha

Roth resigns from J.C. Penney board as Vornado moves to exit stake

  • Vornado Realty Trust (VNO +0.2%) CEO Steven Roth resigns from the J.C. Penney (JCP -1%) board as the company (Vornado) reiterates its intention to sell the rest of its holdings in the retailer. Vornado exited about 40% of its 9.9% stake in J.C. Penney earlier this year, leaving it with 6.1%.
  • SEC Form 13.
Comments (10)
  • Well it looks like it is time to The Penney Company to bed. Thanks to Mr Ron Johnson for coming into a company who he thought he make it better and bring in more trendier customers. Mr Johnson The Penney Company is NOT like an Apple store. The J C Penney company needed someone who knew more about how Penney's should be run. He came in and destroyed many GREAT PENNEY'S Associates who had put their heart and soul into making JCPenney a GREAT store. He also took away coupons and sales for EVERYDAY LOW PRICES. IS that FAIR & SQUARE for our former customer and associates? Mr Ullman has come back to see if he can up-right the company in the right way. He has brought back coupons and sales. I hope it is not too late for JCPenney to come out of what MR Johnson put it thru. I worked for the company for over 40+ years.
    I would hate to see anything else happen to JCPenney.
    13 Sep 2013, 04:30 PM Reply Like
  • Replacing the failure of Ron Johnson with the previous failure(Ullman) will not solve $JCPs dilemma. That failed CEO inception.
    13 Sep 2013, 04:42 PM Reply Like
  • Yeah they brought Ron in because the company was runnin in tip-top shape.
    13 Sep 2013, 07:08 PM Reply Like
  • That's just common sense, but no one seems to get it!
    13 Sep 2013, 10:31 PM Reply Like
  • I Agree with above optionsexpert above. J.C Penney's failure is not all Ron Johnson's fault. It was well on it's way down when he came on!
    13 Sep 2013, 10:29 PM Reply Like
  • Unloaded all my stock today. Bye bye.
    13 Sep 2013, 11:49 PM Reply Like
  • Smart Move!
    14 Sep 2013, 02:09 PM Reply Like
  • Seems like lots of short memories, I believe the record profit year for JCP was 2008, I believe Mike Ullman was CEO, then there was something called the great recession which impacted all retailers worldwide and perhaps the retailers servicing the market most exposed to the collapse were hit disproportionately. It was not surprising that some people would think this dip could be an attractive way to profit and perhaps even convince them they knew how to be retailers, but as a corollary to Mr. Buffet's adage about ebbing tides I think a flooding tide can also embarrass people at water's edge. It is too simplistic to blame all the challenges at JCP as the result of the failed leadership of Johnson or Ullman, it's not that simple. To extrapolate that a brand that most if not all Americans know, situated in great locations and staffed by dedicated associates is destined to die because of current events is a disservice to customer, staff and shareholders.
    14 Sep 2013, 04:26 PM Reply Like
  • There's a reason why the stock dropped 11% when Ullman was announced as the replacement to Johnson. If Mike Ullman was such a success, he wouldn't have been run out like he was. Ullman did well for a couple years leading into the financial crisis, then what? $JCP lagged behind every competitor in the space. The truth is hard to swallow sometimes.
    14 Sep 2013, 07:25 PM Reply Like
  • As a holder of VNO-L, I am totally behind this move. Vornado needed to offload its stake in Penney long ago. If JCP can be turned around, great for them if it's not too late, but I'd rather someone else take the risk. IMO, Vornado should be focusing on higher-quality opportunities.
    15 Sep 2013, 03:11 PM Reply Like
DJIA (DIA) S&P 500 (SPY)