Business

Mass. Movers

Perry Capital cuts stake in J.C. Penney

J.C. Penney has roughly a dozen Bay State locations.

Scott Olson/Getty Images

J.C. Penney has roughly a dozen Bay State locations.

Shareholder Perry Capital sold about half of its stake in J.C. Penney after the struggling retail chain announced a share offering that diluted investors and pushed down the stock price. About 84 million shares were sold at $9.65 apiece for proceeds of about $786 million after fees, J.C. Penney said. The retailer had said it would sell the shares to raise cash amid concerns that it may not have enough liquidity to fund its turnaround. Perry Capital said it sold 9 million shares.

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