J.C. Penney Co. slid to a three-year low after Vornado Realty Trust, its second-biggest shareholder, sold almost half of its stake in the struggling department-store chain, according to two people familiar with the offering.
Vornado sold a 10-million share block of J.C. Penney stock at $16.40 each through Deutsche Bank AG, said the people, who asked not to be identified citing lack of authorization to speak publicly. J.C. Penney fell 7.1 percent to $15.55 after sliding as low as $15.50, the lowest intraday price since March 2009. The Plano, Texas-based retailer’s stock dropped 15 percent this year through Monday after slumping 44 percent in 2012. Vornado rose 2.2 percent to $83.12.
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