Financial/Banking

New York -- J.C. Penney Co. has hired the Blackstone Group explore how best to position the firm financially and help it raise cash, the Wall Street Journal reported.

The company is reportedly seeking $1 billion in cash, according to the Wall Street Journal, which added that options could include selling a minority stake. Penney already has been in contact with several private equity firms about a potential investment, according to the report.  

Fort Worth, Texas -- Pier 1's fourth-quarter earnings fell 46% compared with last year, when the chain recorded a large, one-time tax benefit.

The company earned $61.7 million in the three months that ended March 2, compared with $115.2 million in last year's quarter. Revenue rose 16% to $551.6 million. Same-store sales climbed 7.9%.

For the full year, Pier 1 earned $129.4 million on $1.7 billion in revenue.

For its current fiscal year, the chain expects to open 30 stores.

Lynn Bradley, senior director, retail development, is out at Handy Hardware Wholesale, a cost-cutting move according to the Houston-based co-op.

Handy Hardware Wholesale, which filed for bankruptcy protection in January, eliminated the position of “senior director, retail development,” as part of a cost-reduction plan, according to Morrie Aaron, president of MCA Financial Group. MCA is Handy’s financial advisory firm that specializes in restructuring.

New York -- A Wednesday report by Women’s Wear Daily quoted activist investor Bill Ackman, whose Pershing Square Capital Management is the largest shareholder of J.C. Penney Co., as saying that he won’t abandon the retailer following this week’s CEO shake-up.

"We are not going anywhere," Ackman told WWD in his first public comments since Ron Johnson was fired as CEO on Monday. "In fact, we're going the other direction. We're digging in."

Arlington, Va. -- A statement by The Retail Industry Leaders Association regarding President Obama’s 2014 budget proposal was issued Wednesday, saying, “While we applaud the President for recognizing the urgent need for revenue neutral corporate tax reform, his proposal falls short of the bold reforms needed.” said Bill Hughes, SVP government affairs.  

New York -- J.C. Penney Co.’s shares fell 12% on Tuesday to close at $13.93, and nearly reached their lowest levels since 2001, Reuters reported.

It was a rough day for Penney as industry analysts debated the surprising decision to replace ousted CEO Ron Johnson with his predecessor, Myron “Mike” Ullman.

Discover Financial Services is offering extra cashback for home improvement store purchases.

Discover card members can earn 5% Cashback Bonus on up to $1,500 in purchases at home improvement stores. The deal runs through June 30. 

Dallas -- Alliance Data Systems Corp. announced its retail services business has signed a long-term agreement to provide private label credit card services for Barneys New York.