J.C. Penney Pursuing Sale Of Its Texas Home Office Building

J.C. Penney Inc. said it is pursuing the sale and partial leaseback of its Plano, TX home office, part of its effort to reduce outstanding debt. The company has occupied the building since it was completed in 1992, it said in a Friday release. J.C. Penney expects to offset the cost of leasing space in the building with reduced maintenance costs, property taxes and interest expenses. The new owner will be able to lease 650,000 square feet of space. J.C. Penney shares are inactive in premarket trading and down 5.3% for the past 12 months. The S&P is down 7.1% for the same period.