J.C. Penney Exiting Catalog, Closing Some Stores

PLANO, Texas (AP) - J.C. Penney Co. is getting rid of its catalog business and closing some stores, outlets and call center locations in an effort to streamline operations and boost profits.

The department store operator also said Monday that Vornado Realty Trust Chairman Steven Roth and activist investor William Ackman will become board members. Penney's enacted a "poison pill" in October after both Ackman and Vornado took large stakes in the company.

Ackman and his hedge fund Pershing Square Management have pushed for major changes at retailers he holds stakes in, such as Borders Group Inc. and Target Corp.

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