Reuters - J.C. Penney Hires Blackstone as Advisor

J.C. Penney Co Inc. has hired the financial advisory arm of Blackstone Group LP as it explores ways to bolster its balance sheet, a source familiar with the matter told Reuters Thursday. The ailing retailer is seeking to raise about $1 billion in cash, according to the Wall Street Journal, which reported the news earlier. Citing sources familiar with the matter, the paper said options could include selling a minority stake in J.C. Penney and that J.C. Penney has already reached out to possible investors including private equity firms.

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