Struggling department store operator J.C. Penney said Friday it expects to raise up to $932 million from a share sale, leaving it with about $2.2 billion in cash at the end of the year.
Penney, whose shares have been hit by concerns it doesn't have enough cash to fund operations going into the holiday shopping season, said on Friday that without the offering it would have about $1.3 billion in cash by the end of the yearabout $200 million less than it had forecast on Aug. 19.
That suggested the company was burning through cash faster than expected, an issue highlighted by several analysts who have a "sell" rating on the stock.
(Read more: JC Penney leaning toward $1 billion equity raise)
Penney said on Friday it would sell 84 million shares in a public offering at $9.65 per share.