Reports: J.C. Penney Seeking to Raise More Money

J.C. Penney is using Goldman Sachs to raise more money, according to reports from Reuters and other news service.

A spokesperson for the retailer did not return a request for comment. 

“The chain doesn’t have immediate cash needs and is exploring fundraising amid shareholder pressure to take advantage of cheap financing,” Bloomberg reported, quoting unnamed sources. 

Earlier this year, Penney’s drew $850 million out of its $1.85 billion committed revolving credit facility. 

For the last year, Penney’s has shown double-digit dips in sales, and substantial quarterly losses.

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JCK News Director