J.C. Penney closing some stores; Ackman on board

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When Mr. Ackman disclosed the stake in October, he said Penney’s stock was undervalued and he planned to discuss “business, assets, capitalization, financial condition, operations, governance, management, strategy and future plans.”

In Penney’s statement Monday, Mr. Ullman said, “We welcome Bill and Steve to the board. They share our passion for operational excellence and are committed to enhancing value for all of the company’s shareholders.”

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