J.C. Penney Falls After Vornado Said to Sell Shares

J.C. Penney Co. slid to an almost four-year low after Vornado Realty Trust, once its second-biggest shareholder, sold almost half of its stake in the struggling department-store chain, according to two people familiar with the offering.

Vornado sold a 10-million share block of J.C. Penney stock at $16.40 each through Deutsche Bank AG, said the people, who asked not to be identified citing lack of authorization to speak publicly. J.C. Penney fell 11 percent to $14.96 at the close in New York, the lowest price since March 2009.