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JC Penney Seeks to Sell as Many as 97 Million Shares

JCPenney store in New York | Source: Shutterstock
By
  • Vikram Alexei Kansara

"Struggling department store company J.C. Penney Co Inc (JCP.N) said on Thursday it had begun a public offering of up to 96.6 million shares, a move that will massively dilute its current shareholders. Penney, which currently has 220 million shares on issue and a market value of about $2.2 billion, has been hit by collapsing sales after a failed attempt in 2012 to go up-market."

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