REUTERS - Goldman Sachs has arranged a $1.75 billion financing package for retailer J.C. Penney Co Inc , backed by the department store chain's real estate and other assets, CNBC reported on Friday.
Shares of the ailing retailer were up 13.7 percent at $17.32 in late-afternoon trading after the CNBC report. Penney spokesman Joey Thomas said the company does not comment on speculation or rumor.
The report came a day after billionaire investor George Soros reported a 7.9 percent passive stake in the company, which has been exploring various capital-raising options with its financial advisers after a steep sales slump followed a turnaround attempt by former CEO Ron Johnson.
Earlier this month, Penney borrowed $850 million from its $1.85 billion revolving credit facility to help buy inventory and revamp its business strategy.
(Reporting by Ben Berkowitz and Dhanya Skariachan; editing by Gary Hill and Matthew Lewis)
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