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.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)