J.C. Penney Co. said it has drawn $850 million from its $1.85 billion revolving credit line, a sign that the flailing department store chain is in a cash crunch after a disastrous turnaround plan launched early last year.
The Plano, Texas-based department store chain said Monday that proceeds will be used to fund working capital requirements and expenditures including replenishing inventory for a newly overhauled home area. The new home area, which includes merchandise from names like Jonathan Adler and Michael Graves, is being rolled out to 500 of its 1,100 stores by next month.
