One week after Vornado Realty Trust chairman Steven Roth resigned from retailer JCPenney’s board of directors, the real estate investment trust has opted to sell the rest of its stake in the retailer.
Vornado and its affiliates will give up a 6.1 percent stake, or 13.4 million shares. The offer, announced yesterday, is for between $13.05 and $13.10 per share. The latest close of JCPenney puts the offering at $176 million. So far this year, the retailer’s profits are down 33 percent, according to the Wall Street Journal.