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.
“I was touched by the fact that she lost her father, really before his time, and it was a real shock. She had two young children, she was married and she was expecting that she would have her own life for a good 25 years,” said Claire Foy about playing a young Queen Elizabeth in Netflix’s The Crown. Styled by @mayteallende 📸@jgreenery #emmys2017 #wwdeyeu
“Truth and lies have become a real interesting theme, more than ever, lately,” Emmy nominee Laura Dern told WWD. "It’s a very interesting time to use our voice." Styled by @cristinaehrlich, 📸 @shayanhathaway #wwdeye #emmys2017
“It transcends the genre that is you think of a sci-fi show — you don’t expect it to be so profound or emotionally riveting,” Evan Rachel Wood told WWD of her Emmy nominated role in Westworld. styled by @samanthamcmillen_stylist 📸 @emmanmontalvan #emmys2017 #wwdeye