J.C. Penney Co. Inc. has retained investment and advisory firm Blackstone Group to determine ways shore up its rapidly dwindling balance sheet, according to a source with knowledge of the arrangement.
The ailing department store, now once again under the leadership of chief executive officer Myron “Mike” Ullman 3rd, is scrambling after burning through more than $900 million in free cash flow last year as former ceo Ron Johnson tried to remake the chain. Penney’s is said to be looking for a private equity fund that would want to invest in the retailer. RELATED STORY: Dissecting Ron Johnson's Tenure at J.C. Penney >>
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"