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J.C. Penney gets SEC inquiry regarding its financial position

A woman checks her phone outside the entrance of a J.C. Penney store in New York August 14, 2013. REUTERS/Brendan McDermid
A woman checks her phone outside the entrance of a J.C. Penney store in New York August 14, 2013. REUTERS/Brendan McDermid

(Reuters) - Department store chain J.C. Penney Co Inc said it received a letter of inquiry from the U.S. Securities and Exchange Commission, seeking an explanation on the company's financial position.

Shares of the retailer fell more than 2 percent in extended trade after closing down at $8.85 on the New York Stock Exchange.

The company said the SEC requested information on October 7 regarding its liquidity, cash position, debt, and public offering of common stock announced on September 26.

A J.C. Penney shareholder had earlier sued the company when it announced its decision to issue more than $810 million in stock to boost liquidity.

The company said it is cooperating with the U.S. regulatory body on its request and providing the necessary material, in a regulatory filing with the SEC. (http://r.reuters.com/xyz25v)

The company has been desperately trying to turn its fortunes around since its failed attempt in 2012 to go upmarket.

(Reporting by Devika Krishna Kumar in Bangalore; Editing by Bernard Orr)

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