JCPenney Looking to Raise Cash

JCPenney Co. Inc. (Plano, Texas) has filed a shelf registration statement with the Securities and Exchange Commission intended to raise more money and stabilize the business.

According to Women’s Wear Daily, the filing would allow the ailing retail organization to sell “common stock, preferred stock, depository shares, debt securities, guarantees of JCP debt securities, warrants, stock purchase contracts and stock purchase units.”

Earlier this month, JCPenney drew on $850 million of its credit facility and, said WWD, “is working with a host of financial advisers and exploring numerous ways to raise money.” 

That might include its considerable real estate holdings. JCPenney’s owns about 430 of its 1100 retail units.

JCPenney’s lost nearly $1 billion last year and is said to have burned through more than $1 billion in cash in the first quarter.