Penney looks to raise $450M in funding before bankruptcy filing

J.C. Penney is reported to be close to securing $450 million in funding to continue operating while it reorganizes its business under Chapter 11 bankruptcy protection. The funding, if it materializes, is significantly less than the $1 billion that the retailer was initially seeking. The department store operator is expected to close up to 200 of its locations should it file for bankruptcy as expected.