Is Ackman Fishing for Control of JCP?

Anonymous sources are reporting that JC Penney JCP has hired Goldman Sachs GS as an advisor. This comes just a week after Bill Ackman, along with Vornado Realty Trust VNO, made a sizeable investment in the retailer. Readers should note that Goldman was also hired by Target Corp. TGT back when Mr. Ackman was pursuing control in that company, although that didn't work out so well. Benzinga's source at yesterday's Value Investing Conference noted that Ackamn joked that he “brings the most business to Goldman Sachs.” J. C. Penney Company, Inc. is a holding company whose principal operating subsidiary is J. C. Penney Corporation, Inc. The company is a retailer, operating 1,108 JCPenney department stores in 49 states and Puerto Rico as of January 30, 2010. Its business consists of selling merchandise and services to consumers through its department stores and Direct (Internet/catalog) channels.