J.C. Penney has provided for a lot of drama of late. The Ron Johnson era ended as a spectacular failure. The former-Apple-executive-turned-J.C. Penney-CEO was feted upon arrival, oversaw a major turn in the chain’s strategy and then was promptly shown the door when the department store’s same-store sales collapsed. The company’s future is now in doubt.
Some of the blame for that episode was laid at the feet of Bill Ackman—the activi
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