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J.C. Penney Says To Raise Up To $932 Million In Stock Sale

wochit business
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September 27, 2013 AT 5:35 AM
Struggling department store operator J.C. Penney expects to raise up to $932 million from a share sale, leaving it with about $2.2 billion in cash at the end of the year. J.C. Penney, whose shares have been hit by concerns that it does not have enough cash to fund its operations going into the holiday season, said it would sell 84 million shares in a public offering at $9.65 per share. Penney's shares were down 7 percent at $9.69 before the bell. The share sale would increase Penney's shares outstanding by 38 percent.