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Report: J.C. Penney hires Blackstone to raise some $1 billion

New York -- J.C. Penney Co. has hired the Blackstone Group explore how best to position the firm financially and help it raise cash, the Wall Street Journal reported.

The company is reportedly seeking $1 billion in cash, according to the Wall Street Journal, which added that options could include selling a minority stake. Penney already has been in contact with several private equity firms about a potential investment, according to the report.  

A Penney spokeswoman said in the article that the company has hired outside advisors over the last several for "expertise about how to best position the company from a financial standpoint during the transformation.”