From Home Furnishing Business
J.C. Penney to Raise $810M in Equity Offering
J. C. Penney is looking to raise more than $800 million in equity as the struggling department store chain looks to build up its cash reserves heading into the holiday season.
The Plano, Texas-based retailer said Friday that it would price 84 million shares of common stock at $9.65 a share, well below the closing price of $10.42 on Thursday.
J.C. Penney announced Thursday night that it was planning the public offering, which is expected to close on Oct. 1. The company said it plans to use the net proceeds for "general corporate purposes" and grant its underwriter, Goldman Sachs, a 30-day option to purchase an additional 12.6 million shares.
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Source: The Street