J.C. Penney (Fortune 500) shares finished up 11.6% Friday following news late Thursday that hedge fund mogul , George Soros has taken a large stake in the retailer, and a report from CNBC Friday afternoon that Goldman Sachs has secured $1.75 billion in financing for the company.
Earlier this month, the troubled retailer announced that CEO Ron Johnson was leaving after just a year and a half.
Johnson, a former Apple (Fortune 500) executive, had instituted ambitious changes at J.C. Penney stores in an attempt to remake the brand. Sales plummeted during his tenure, sinking 28% in the fourth quarter from a year earlier. ,
J.C. Penney tapped Mike Ullman, Johnson's predecessor as CEO, to take the reins once more. The company has since consulted with investment firm Blackstone ( in an attempt to raise up to $1 billion and remain solvent. )
The financing reportedly secured by Goldman could solve this cash problem. Goldman Sachs (Fortune 500) and J.C. Penney declined to comment. ,
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