J.C. Penney Company, Inc. (JCP) Selling 84M Shares Of Stock

Retail major J.C. Penney Company, Inc. (NYSE:JCP) is set to offer 84 million shares of common stock through secondary offering.

The retailer indicated it would use the proceeds for general corporate purposes.

Goldman Sachs To Underwrite

J.C. Penney Company, Inc. (NYSE:JCP) has appointed the investment banking arm of Goldman Sachs as underwriter for the share sale.

The retailer is also granting Goldman Sachs a 30-day option to purchase up to 12.6 million more shares.

Interestingly, J.C. Penney Company, Inc. (NYSE:JCP)...