NEW YORK, April 11 J.C. Penney Co Inc
has hired the financial advisory arm of Blackstone Group LP
as it explores ways to bolster its balance sheet, a
source familiar with the matter said on Thursday.
The ailing retailer is seeking to raise about $1 billion in
cash, according to the Wall Street Journal, which reported the
news earlier. Citing sources familiar with the matter, the paper
said options could include selling a minority stake in J.C.
Penney and that J.C. Penney has already reached out to possible
investors including private equity firms.
A J.C. Penney spokeswoman said that over the last several
months, the company has hired outside advisors to provide it
with "expertise about how to best position the company from a
financial standpoint during the transformation."
"It is safe to assume this will continue as part of the work
now underway to develop a game plan for the company going
forward," the spokeswoman said in an email without confirming
Blackstone as the adviser.
Blackstone declined to comment.