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J.C. Penney hires adviser, fires CEO

Myron Ullman was named interim CEO of J.C. Penney.
Associated Press/File
Myron Ullman was named interim CEO of J.C. Penney.

J.C. Penney has reportedly hired the Blackstone Group to help it raise cash as the retailer tries a turnaround after replacing its chief executive. Ron Johnson was fired after 17 months on Monday and replaced with Myron Ullman, his predecessor. Blackstone was retained after Penny received unsolicited offers from private equity firms to invest in the company, a person briefed on the matter said. A Penney spokeswoman acknowledged the hiring of ‘‘outside advisers.’’

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