J.C. Penney hires Blackstone as adviser: source

NEW YORK (Reuters) - J.C. Penney Co Inc has hired the financial advisory arm of Blackstone Group LP as it explores ways to bolster its balance sheet, a source familiar with the matter said on Thursday.

The ailing retailer is seeking to raise about $1 billion in cash, according to the Wall Street Journal, which reported the news earlier. Citing sources familiar with the matter, the paper said options could include selling a minority stake in J.C. Penney and that J.C. Penney has already reached out to possible investors including private equity firms.

A J.C. Penney spokeswoman said that over the last several months, the company has hired outside advisors to provide it with "expertise about how to best position the company from a financial standpoint during the transformation."

"It is safe to assume this will continue as part of the work now underway to develop a game plan for the company going forward," the spokeswoman said in an email without confirming Blackstone as the adviser.

Blackstone declined to comment.

(Reporting by Greg Roumeliotis in New York)

Source: http://news.yahoo.com/j-c-penney-hires-blackstone-adviser-source-232709650--sector.html

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