Skip to content

by on February 13, 2013

Originally posted on CBS Dallas / Fort Worth:

NEW YORK (AP) - JCPenney Co. has amended its bank credit facility to increase its borrowing capacity as it looks to finance its multiyear transformation.

The department store chain said Tuesday it expanded the credit facility to $1.85 billion and got an option to increase that by another $400 million.

JCPenney’s previous facility had $1.75 billion of borrowing capacity, according to Deborah Weinswig of Citi Investment Research.

The Plano retailer said that the increase enhances its liquidity and provides it with additional financial flexibility to support its transformation.

The move comes as the struggling department store chain marks the one-year anniversary of a radical plan to get rid of most sales in favor of every day prices. The strategy is part of an overall plan spearheaded by CEO Ron Johnson to transform every part of the business from the brands it carries to the store experience.

But the overhaul has…

View original 247 more words

About these ads

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: