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J.C. Penney slips amid leadership tussle

J.C. Penney has struggled to reinvent itself.

Mark Lennihan/Associated Press

J.C. Penney has struggled to reinvent itself.

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The next board meeting at J.C. Penney may look more like a cage match, and shares of the department store chain fluctuated last week as a result. Hedge fund manager Bill Ackman said he has lost confidence in the board and its chairman should be replaced. Chairman Thomas Engibous called Ackman’s comments ‘‘misleading, inaccurate, and counterproductive.’’ Ackman is a major shareholder of J.C. Penney and sits on the company’s board.

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