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.
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For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
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