J.C. Penney says will have $1.3 bln in cash excluding offering
Sept 27 (Reuters) - Struggling retailer J.C. Penney Co Inc said it expects to end the year with about $1.3 billion in cash, excluding the proceeds from a share offering.
The company said on Thursday it had begun offering up to 96.6 million shares to raise funds for general corporate purposes.
"Taking into account the net proceeds from this offering, the company's expected year-end liquidity is anticipated to increase by the amount of such net proceeds," J.C. Penney said in a regulatory filing on Friday.
The company has not disclosed the price at which it plans to sell the shares.
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