Dallas -- J.C. Penney Co. said Monday it has raised $248 million and taken its first step toward shedding non-core assets by selling off part of its stake in a Simon Property Group unit.
Following the transaction, the real estate unit for Penney – JCP Realty – will hold about 205,000 limited partnership units in Simon’s operating partnership.
Also on Monday, J.C. Penney CEO Ron Johnson unveiled a trio of in-store shops, slated to open at 683 J.C. Penney stores across the United States starting on Aug. 1.
The three in-store concepts all feature denim offerings. Another lineup of shops is slated to open on Sept. 1.