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JC Penny trying to raise cash

Troubled retailer JCPenney is planning to raise cash through a public offering of 84 million shares.

The department store chain says it will use the money it makes "for general corporate purposes."
JC Penney shares plunged earlier this week after reports they could be seeking to raise as much as one-billion dollars through the sale of stocks and bonds.
The retailer has been trying to bounce back from a rough year of sinking sales.