J.C. Penney Secures $1.75 Billion Loan
April 29, 2013
Plano, Texas-based J.C. Penney Co. Inc. announced that it has secured a five-year, $1.75 billion loan from Goldman Sachs Group Inc., according to Reuters. The financing package, which is backed by the struggling retailer’s real estate and other assets, can be used to fund working capital needs and for other corporate purposes. Earlier this month, J.C. Penney borrowed $850 million from its $1.85 billion revolving credit facility to buy inventory and revamp its business strategy.