Penney takes step to ward off any coercive takeover methods

Thu Aug 22, 2013 8:41am EDT

Aug 22 (Reuters) - J.C. Penney Co Inc on Thursday said it adopted a one-year stockholder rights plan to protect against a potential future use of coercive methods to take the company over.

The department store chain, which is struggling to reverse a massive sales slide in the last 18 months, said the plan was not adopted in response to any particular effort to take control of Penney.