J.C. Penney $850 million credit line

J.C. Penney $850 million credit line

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NEW YORK (AP) — J.C. Penney Co. says it has drawn $850 million from its $1.85 billion revolving credit line, the latest signs that show the flailing department store chain is in a cash crunch after a turnaround plan resulted in disastrous results.

The Plano, Texas-based department store chain says that proceeds will be used to fund working capital requirements and expenditures including replenishing inventory for its newly overhauled home area.

The company says the drawing of the funds provides more than its current funding needs to ensure continued liquidity but it is also looking to explore other alternatives to raise more money.

The news comes a week after Penney fired CEO Ron Johnson after 17 months on the job.

 

Copyright 2013 The Associated Press.

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