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.
The announcement comes four days after William Ackman, whose Pershing Square Capital Management had been the largest shareholder, said he was exiting his entire 18% stake.
Sears Hometown and Outlet Stores posts Q2 loss
Hoffman Estates, Ill. — Sears Hometown and Outlet Stores Inc.’s second-quarter net income dropped to $9.1 million, down from $21.1 million a year earlier, on expenses associated with its spinoff from Sears Holdings Corp. The company also announced that its board approved a $25 million buyback.
Revenue increased 2% to $656.9 million from $644.5 million. Same-store sales rose 1.4%, with an 8.2% increase for the chain’s outlet segment.
“We are adjusting pricing/promotional plans, enhancing Outlet sourcing capabilities, and focusing on higher margin categories and product lines to improve profitability,” CEO and president Bruce Johnson said. “Profitability was also affected by $6.4 million of expenses incurred as a result of operating as an independent public company, which expenses were not incurred in the prior year.”
Rite Aid bolsters managed care leadership
CAMP HILL, Pa. — Rite Aid has promoted Tammy Royer to group VP of managed care. Royer will report to Chris Hall, SVP of pharmacy services.
Royer most recently worked in the company’s pharmacy division. In her new role, she will oversee all aspects of managed care, including contracting, maintaining relationships with managed-care organizations, pharmacy benefit managers and third-party payers and developing new strategic partnerships.
"Tammy is a valued member of Rite Aid’s pharmacy team who has made significant contributions across several functional areas of our pharmacy division, helping us grow our business and enhance our customer experience," said Hall. "We look forward to further benefitting from her knowledge and expertise and are confident she’ll continue to deliver strong results in her new position as she and her team effectively execute our managed care strategy."