Unlike Bill Ackman, Bloomberg is reporting that hedge fund manager Kyle Bass is betting on a comeback by JC Penney.
Bass, whose Dallas-based Hayman Capital Management has accumulated a long position in the retailer over the last two week, is betting that the retailer “can stabilize sales and has enough cash and credit to carry it until the 2014 holiday season.” JC Penney’s stock fell 30% this year.
Ackman, of Pershing Square Capital, ended its public dispute with JC Penney last week after he resigned from the retailer’s board. eVestment reported that Ackman had pushed JC Penney to oust its chairman Tom Engibous, and claimed that important information regarding the retailer was withheld from him.
Hayman Capital, which focuses on corporate turnarounds, manages approximately $1.1 billion in assets.