The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Perry Capital, the hedge-fund firm founded by Richard Perry, bought 7.3 percent of J.C. Penney Co. and asked the board to appoint a new chairman and chief executive officer, according to a letter sent to the company.
“We believe that immediately appointing Allen Questrom chairman of the board and Ken Hicks CEO is imperative at this juncture, and we anticipate that the company’s various constituents would be highly supportive of such a change,” Perry said the one-page letter sent to the board of the Plano, Texas-based company today.
Perry’s request follows a letter by Bill Ackman, J.C. Penny’s biggest shareholder, calling for a speedier process to replace CEO Mike Ullman. Ackman said today that former J.C. Penney CEO Questrom may be willing to rejoin the company as chairman even before a new top executive is chosen.
The retailer’s shares fell 5.6 percent to $12.90 at 2:33 p.m. in New York.
By: Katherine Burton; Editors: Sree Vidya Bhaktavatsalam, Christian Baumgaertel
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.