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JCPenney has faced a lot of roadblocks as it changes strategies under CEO Ron Johnson. But there’s reason to have hope, according to billionaire investor Michael Price.
Price believes JCPenney is “doing all the right things.” He spoke in an interview with Bloomberg Radio host Tom Keene.
Business is slow right now because JCPenney’s customers don’t have money to spend, but the retailer will soon benefit, he said.
“As the economy improves and as uncertainty from our election and China and all the European issues go away, American consumers have enormous pent-up demand,” Price told Bloomberg.
JCPenney shares have lost about a quarter of their value this year. The holiday forecast isn’t looking too great either.
Price has made a fortune buying shares of “beaten-down lenders” and running successful mutual funds, according to Bloomberg.
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