The Securities and Exchange Commission is taking a close look at J.C. Penney Co. Inc.’s September stock offering — which came amid a sharp sell-off and surprised investors.
Penney’s said in a regulatory filing late Thursday that on Oct. 7 it received “a letter of inquiry from the Securities and Exchange Commission requesting information regarding the company’s liquidity, cash position and debt and equity financing, as well as the company’s underwritten public offering of common stock announced on September 26.”
Shortly before the offering, chief executive officer Myron “Mike” Ullman 3rd told investors that the company wouldn’t need to raise additional funds, according to widespread reports at the time. The retailer, however, denied the ceo made such statements. The retailer said it was cooperating with the inquiry and providing the requested material. A Penney’s spokeswoman declined to comment beyond the filing.
Penney’s sold 84 million shares for $9.65 each during the Goldman Sachs-led offering — raising more than $800 million to help shore up its balance sheet and ease investor concerns.
But the stock continues to be a roller coaster. The issue fell 8.4 percent to $8.85 in regular trading Thursday and another 2.5 percent to $8.63 in after-hours action.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
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According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)