J.C. Penney to Raise Cash in Offering of Its Shares J. C. Penney said late Thursday that it planned to sell up to 96.6 million shares of common stock in a public offering, an indication that the troubled retailer is looking to shore up its cash reserves. The company said it would use the proceeds from the offering for general corporate purposes. In a statement released after regular trading ended, Penney said it would sell 84 million shares of common stock. It also granted its underwriter, Goldman Sachs, a 30-day option to buy up to 12.6 million more shares in case of excess demand. Based on Penney's closing price of $10.42 on Thursday, the offering would raise up to $1 billion. But the retailer's shares fell 42 cents, or 4 percent, to $10 in after-hours trading after the announcement. Earlier on Thursday, Penney sought to appease investors who were worried about its cash liquidity and sales after a Goldman Sachs analyst issued a gloomy report on the company. It said in a statement that it was pleased with its turnaround efforts. And CNBC quoted Penney's chief executive, Myron E. Ullman III, as saying that he did not see conditions this year where "we'd need to raise liquidity." Separately, Penney said in a filing with the Securities and Exchange Commission that its senior vice president and controller, Mark R. Sweeney, left the company last Friday. The news is the latest to jolt Penney, whose shares have fallen sharply in recent days. It has been trying to recover from the failed attempt by its previous chief executive, Ron Johnson, to revive its fortunes. On Wednesday, Goldman Sachs began coverage of Penney's unsecured debt with an underperform rating. Kristen McDuffy, an analyst at the firm, said she feared Penney would be forced to tap into the debt markets for more cash. She also said the current and fourth quarters would be difficult for the retailer, with business showing a slower-than-expected improvement.