J.C. Penney raises cash, unveils new shops

J.C. Penney Co Inc said it raised $248 million by selling part of its stake in a Simon Property Group Inc unit, the first step toward its goal of shedding non-core assets. Photo AFP/Getty Images/File, Spencer PlattShares of the retailer, which also unveiled on Monday the first three of its new in-store shops, were up 1 percent in afternoon trade. Penney has been revamping stores, merchandise and strategy under new Chief Executive Ron Johnson, who previously ran the retail division at Apple

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