JCPenney sells off $248 million stake in property company

Retail Editor 3, 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."

Featured Video

  • The Countdown to the ICON Honors Continues featuring Christophe Pourny

    Camera Icon More Videos


HTT digital edition

See the May 2017 issue of Home & Textiles Today. In this issue, we discuss our annual Market Basket survey, which finds higher prices and more polyester at leading retailers. See details!