JCPenney sells off $248 million stake in property company
Retail Editor 3 -- Home Textiles Today, July 24, 2012
Plano, Texas - JCPenney has raised $248 million by selling off a portion of its stake in Simon Property Group. JCP Realty, a subsidiary of the retailer, continues to hold 205,000 limited partnership shares in the realty group.
"Last year, as we began our journey to transform JCPenney, we determined it was necessary to review and, where appropriate, monetize assets that are not core to our operations," said JCP chief financial officer Ken Hannah. "Today's announcement represents the first step toward executing this plan. In addition, converting this non-core asset into $248 million of cash enhances the company's already strong balance sheet and liquidity."
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