J.C. Penney Co. Inc. is prepped to raise more money as chief executive officer Myron “Mike” Ullman 3rd seeks to stabilize the business.
The retailer filed a shelf registration statement with the Securities and Exchange Commission late Wednesday that lays the groundwork for it to potentially sell “common stock, preferred stock, depository shares, debt securities, guarantees of JCP debt securities, warrants, stock purchase contracts and stock purchase units.”
Money raised from the sale of any securities will go toward general corporate purposes. Penney’s lost nearly $1 billion last year and sales fell 25 percent as former ceo Ron Johnson sought to remake the firm.
The company is said to have burned through more than $1 billion in cash in the first quarter as it caught up on vendor payments and rolled out new Joe Fresh and home goods shops.
Shares of Penney’s slipped 1.7 percent to $15.19 Wednesday.
Madonna turns 59 today, marking another year of show-stopping, one-of-a-kind bold looks from the singer. To celebrate, we took a look at the superstar's most memorable fashion moments. Here, Madonna sits front row at Versace's spring runway show in 1995. See more exclusive photos from the #wwdarchive on WWD.com. #wwdeye (📷: Cédric Dordevic)
WWD asked a handful of creative directors to evaluate the September covers of leading women's fashion magazines. How do they think the covers this year compare with years gone by, and what do they say about the current status of the publication? Link in bio. (GIF by @hypebreast)
"Stephen King is such a master, but I don't like being scared - there's enough that's really scary. How about the morning's news?" says Holland Taylor in an interview with WWD. See what else the actress said about starring in the TV adaptation of King's thriller "Mr. Mercedes" on WWD.com. #wwdeye (📷: @jgreenery)