Hedge fund manager Richard Perry sold 9 million shares of JC Penney stock last week, according to Forbes. Forbes cited a recent filing by Perry Capital with the Securities and Exchange Commission.
The sale reduces Perry Capital’s stake to 3.28% of the retailer. This comes after Goldman Sachs raised funding concerns about the retailer, and JC Penney announced it would raise approximately $900 million in an equity offering.
According to Forbes, Perry’s hedge fund first bought a sizeable stake in JC Penney during second quarter 2013, buying 12 million shares around the time Ron Johnson’s effort to revitalize JC Penney collapsed and Johnson was fired. Perry increased his stake in the summer, disclosing a 7.3% stake, Forbes reported.