J.C. Penney Sells $932 Million of Shares Amid Turnaround
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J.C. Penney Co., the department-store chain that hasn’t been profitable since 2011, sank in New York trading after saying it would sell shares to raise as much as $932 million and lowering its year-end liquidity forecast.
Goldman Sachs Group Inc. is running the offering of 84 million shares for $9.65 apiece, J.C. Penney said in a statement today. The price is 7.4 percent lower than yesterday’s close.