J.C. Penney, the struggling retailer that is trying to reassure the market about its financial stability, expects to raise about $810.6 million via a public stock offering. J.C. Penney said Friday it plans to offer 84 million shares priced at $9.65 per share. That is a 7.3 percent discount to Thursday's closing price of $10.42 per share.

The Plano, Texas company could raise more than that if the underwriters exercise in full a 30-day option to buy up to an additional 12.6 million shares.

The offering is expected to close on Tuesday.

J.C. Penney is trying to recover from a failed turnaround attempt spearheaded by its former CEO Ron Johnson that led to disastrous results.

- Associated Press