J.C. Penney: Will Have $1.3 Billion Cash Excluding Offering
Struggling retailer J.C. Penney said it expects to end the year with about $1.3 billion in cash, excluding the proceeds from a share offering. 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.
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