By  on April 12, 2013

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.

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