Thursday, April 11, 2013

JC Penny Seeks to Raise $1 Billion

There is more bad news for J.C Penney Co. (JCP) as Ron Johnson was ousted from his short-lived position as CEO and Myron Ullman was brought back in to help rebuild the funds necessary for the company to make it through the next year. They have also hired bankers from Blackstone LP for advice on how they can fundraise the $1 billion needed to continue on to 2014. J.C. Penney's market capitalization is currently $3.3 billion, but that figure is weighed against the $3 billion in debt it's holding.

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