NEW YORK (Reuters) - J.C. Penney Co Inc has hired investment bank Goldman Sachs to prepare for a potential fight with activist investor William Ackman, Women's Wear Daily reported on Wednesday, citing sources.
Ackman's Pershing Square Capital said last week it had taken a 16.5 percent stake in the department store chain. He is building an alliance with Vornado Realty Trust,
Ackman, now the retailer's biggest investor, has already told the Plano, Texas-based company that he plans to look hard at its assets and financial condition.
Penney Chief Executive Myron Ullman is planning to meet with Ackman and Vornado chairman Steven Roth within two weeks, Women's Wear Daily reported, citing a source.
Know for his savvy in making real estate bets, Ackman said at a conference on Tuesday that Penney has a "better real estate" portfolio than some competitors like Macy's Inc.
Ackman first started buying Penney shares on August 17 for $20.01. Shares have risen 69.8 percent since then.
Penney shares were trading for $33.20 in late morning trading on Wednesday.
Representatives for both Penney and Goldman declined to comment.
(Reporting by Phil Wahba; Editing by Derek Caney)
