Retail, Blackstone Group Lp | featured news

J.C. Penney has hired bankers at Blackstone for advice on shoring up its fast-eroding cash. The company is seeking to raise about $1 billion. Bond analysts don't think Penney's operations will be able to generate enough cash to cover the company's needs beyond a year, putting pressure on new Chief Executive Myron "Mike" Ullman to cut costs and look for ways to raise new capital even as he tries to get more shoppers into stores.

Michaels Stores, the arts and crafts retailer owned by the Blackstone Group and Bain Capital, plans to file to go public as soon as next week, in what could be one of the biggest initial public offerings of the year.