Dive Brief:

• Recently embattled retail chain J.C. Penney has announced that it will sell 84 million shares in hopes of raising as much as $932 million.
• Without the sale, the company looked to be on pace to have $1.3 billion in cash on hand at the end of the year, which is around $200 million less than it had previous predicted.
• The company announced the shares would be sold at $9.65 per share.

Dive Insight:

The sole underwriter for the recent share offering is Goldman Sachs. Following media reports that J.C. Penney was seeking to raise cash, the company has made a public effort to showcase itself as financially sound. CEO Myron Ullman publicly stated “vendors are very supportive; we are paying them on time and have not heard any issues with regard to (liquidity) factors.” The statement contradicts a report publish by the New York Post.