Why sell J.C. Penney (JCP)? Pershing Square Capital sold a 6.09% position in J.C. Penney in 3Q 2013, according to its 3Q 2013 13F filing. News reports in August stated that Pershing owned an approximately 18% stake in the retailer that was sold to Citigroup Inc. The $504 million stake sale came after Ackman resigned from J.C. Penney board's on August 12 following months of public battle with the company's management on the CEO succession plan. In a letter to investors, Ackman acknowledged that Pershing Square has lost around half of its original investment in J.C. Penney.