Reuters: Global Markets: Penney denies rumor of bankruptcy counsel hire as stock falls

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Penney denies rumor of bankruptcy counsel hire as stock falls Oct 15th 2013, 18:36 Tweet Share this Email Print Reprints Related Topics Hot Stocks » Asian Markets » The sign outside the J.C. Penney store is seen in Westminster, Colorado February 20, 2009. Credit: Reuters/Rick Wilking Tue Oct 15, 2013 2:36pm EDT (Reuters) - A J.C. Penney Co Inc (JCP.N) spokeswoman denied a market rumor on Tuesday that the department store chain had hired bankruptcy counsel, as shares slid as much as 8.3 percent. Penney spokeswoman Kristin Kays said there was "no truth to the rumor," origins of which were unclear. Shares were down 7.4 percent to $7.29 in afternoon trading in heavy selling, including a high number of large block trades. Some 32.5 percent of Penney shares are held short by investors betting against the company's stock rising, making the issue volatile. Penney has been struggling to revive sales after a failed experiment in 2012 to go upmarket alienated long-time shoppers and depleted its cash reserves. The company incurred huge losses and spent large amounts of money on store remodels. Earlier this month, Penney closed a public offering of new shares that raised $785 million in a sale partly meant to reassure suppliers and their financiers that it had enough cash on hand. Penney said last week that it expected to have $2 billion in liquid assets at the end of the fiscal year and that it expected sales trends to continue improving through the end of the year. (Reporting by Phil Wahba in New York; Editing by Gerald E. McCormick) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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