Goldman Sachs has confirmed to various media outlets that they will offer J.C. Penney $1.75B in financial backing, sending the retail store's stocks up three percent.

The J.C. Penney Company has been accruing massive amounts of debt. The $1.75B from Goldman Sachs will help pay off some of that debt as well as fund the companies operations, according to Yahoo.

"J.C. Penney has been burning through cash. Earlier this month, it said it would draw $850 million from its $1.85 billion revolving credit line to pay for replenishing inventory, particularly for its overhauled home area," says Yahoo News.

At the beginning of April, J.C. Penney fired its CEO, Ron Johnson, and rehired former CEO Mike Ullman. Johnson's firing was the result of a failed attempt to raise J.C. Penney's sales.

"An ambitious turnaround plan by Johnson had backfired and caused sales to plummet," says Yahoo News.

"The retailer's shares also got a boost last week when investor George Soros disclosed in a regulatory filing that he has taken a 7.9 percent stake in the company," CBS News writes.