JC Penney to Sell Renner

JC Penney, the second-biggest US department-store chain, plans to sell Brazilian retailer Lojas Renner for as much as $255 million as it focuses on the US market. The company will put on sale its 98 percent stake in Lojas Renner next month at a price between $15 and $17.50 a share. Since August JC Penney has been using proceeds from asset sales to open new Renner stores and upgrade existing ones.