J.C. Penney Said to Hire Blackstone to Raise $1 Billion

Myron Ullman is just a few days into his return as chief executive officer of money-losing department store J.C. Penney Co. and he’s already come to one important conclusion: the chain needs cash.

J.C. Penney Co. hired Blackstone Group LP to help it raise at least $1 billion, said people with knowledge of the situation, as the retailer tries to recover from its worst annual loss in more than 25 years.