Recently-released regulatory filings revealed George Soros had added another 2 million shares to his JC Penney portfolio. The billionaire inventor and philanthropist already owned 19.98 million shares in the ailing retailer. The added shares made Soros Fund Management JC Penney's second largest backer. Pershing Square Capital Management owned by William Ackman continued to hold the top spot with 39 million shares.

While Soros continued his backing of the embattled retailer, other investors decided to do otherwise. Securities and Exchange Commission filings revealed that Hotchkis & Wiley and Tiger Global Management liquidated their investments from April to June this year. At the end of the second quarter, Hotchkis & Wiley had held 10.1 million shares in JC Penney. Tiger Global Management, meanwhile, had owned 5.3 million shares.

Other shareholders pared down their holdings. Glenview Capital, the hedge fund owned by Larry Robins, also reduced his stake to 8.4 million shares from its first quarter holdings of 9.5 million. Fidelity Management & Research also deemed it best to sell half of its stake. Its stake in JC Penney was now reduced to 4.6 million shares.