-
J.C. Penney taps $850 million from credit facility
Plano, Texas -- J.C. Penney Co. on Monday announced it has drawn $850 million from its $1.85 billion revolving credit line. The company said it will use the proceeds to fund working capital requirements and capital expenditures including replenishing inventory in anticipation of the completion of for its newly overhauled in-store home departments, which are due to be unveiled next month.
-
Report: Blackstone to aid JCPenney in raising cash
NEW YORK — JCPenney is turning to Blackstone Group to help raise cash and better position itself financially, the Wall Street Journal reported.
The company is reportedly seeking $1 billion in cash, according to the Wall Street Journal, which added that options could include selling a minority stake. Penney already has been in contact with several private equity firms about a potential investment, according to the report.