Penney hires bankers to help find new sources of cash

04/11/2013 | Wall Street Journal, The

J.C. Penney has reportedly retained bankers from the Blackstone Group to advise the retailer on shoring up its cash position and to help it raise $1 billion. "In recent months, the Company has hired outside advisors to provide us with their expertise about how to best position the Company from a financial standpoint during the transformation," company spokeswoman Kristin Hays said.

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