J.C. Penney Chairman Ron Tysoe Purchases 1 Million Shares of the Retailer's Stock

J.C. Penney chairman Ron Tysoe purchased 1 million shares of the retailer, according to a federal filing.Tysoe, who led the search to hire chief executive officer Jill Soltau last year, bought the stock on Friday at 59 cents a share. The purchase was reported in a Securities and Exchange Commission filing after the market closed on Monday. Penney's stock price, which closed at 59 cents a share on Monday, is down more than 70% in the last year. Earlier this month the retailer was told by the New York Stock Exchange that its under $1-a-share price puts it at risk of being delisted. Tysoe now owns 1,352,128 shares of Penney. He is the first insider to acquired Penney shares in the last two years that weren't stock awards, according to a Yahoo Finance report.  Continue reading...