J.C. Penney announces 84M-share stock offering, shares -4.3% AH

At current levels, the offering would yield proceeds of $837M. There have been multiple reports J.C. Penney (JCP) is looking to raise fresh capital, as it contends with worsening cash burn.

For context, the retailer currently has a market cap of just $2.2B.

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  • blackbeardz
    , contributor
    Comments (43) | Send Message
    I once thought Ackman/Johnson created this fiasco. Now I believe Ullman and the BOARD started to mismanage JCP at least 4 years ago when sales started their decline. Then came the icing. The executioner of JCP is ultimately Goldman Sachs. JCP was "a unique approach of selling quality goods at low prices" WAS.
    Friday morning is a new day for this once proud chain, as in the coinage too, Penney has very few days left.
    R.I.P. 1907 - 2013
    26 Sep 2013, 11:12 PM Reply Like
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