J.C. Penney $850 million credit line - FOX 13 News

J.C. Penney $850 million credit line

Posted: Updated:

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.

  • Your MoneyMore>>

  • Do you waive your right to sue if you follow a company on social media?

    Do you waive your right to sue if you follow a company on social media?

    Friday, April 18 2014 8:19 AM EDT2014-04-18 12:19:02 GMT
    General Mills quietly tweaked its legal policies, which made getting coupons or joining a contest online two things that would simultaneously prevent you from being able to sue the company. But what about Tweeting or just liking a General Mills company's Facebook page? There's concern about that, too.
    General Mills quietly tweaked its legal policies, which made getting coupons or joining a contest online two things that would simultaneously prevent you from being able to sue the company. But what about Tweeting or just liking a General Mills company's Facebook page? There's concern about that, too.
  • Wineries flourish in Brooklyn

    Wineries flourish in Brooklyn

    Thursday, April 17 2014 10:34 PM EDT2014-04-18 02:34:04 GMT
    Hundreds of oak barrels of wine are all stacked in one room. You might think this is Napa, California. But it's not. It's the Brooklyn Winery, located in what was once an old pickle factory in Williamsburg. Refrigerated grapes are brought in from the North Fork of Long Island and from the Finger Lakes and then aged in barrels. These days urban wineries are becoming more popular, and they're popping up all over the borough.
    Hundreds of oak barrels of wine are all stacked in one room. You might think this is Napa, California. But it's not. It's the Brooklyn Winery, located in what was once an old pickle factory in Williamsburg. Refrigerated grapes are brought in from the North Fork of Long Island and from the Finger Lakes and then aged in barrels. These days urban wineries are becoming more popular, and they're popping up all over the borough.
  • Catalog shopping is alive and well

    Catalog shopping is alive and well

    Thursday, April 17 2014 9:57 PM EDT2014-04-18 01:57:31 GMT
    Bonobos is an online men's clothing store. The company tried something new in 2013 by trying something, well, old. Bonobos mailed to some customers a traditional catalog. The results were very surprising to these Internet retailers: the catalog attracted more customers to the website. Bonobos' catalog circulation has now increased.
    Bonobos is an online men's clothing store. The company tried something new in 2013 by trying something, well, old. Bonobos mailed to some customers a traditional catalog. The results were very surprising to these Internet retailers: the catalog attracted more customers to the website. Bonobos' catalog circulation has now increased.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices