Subscribe
Business

Penney secures $2.25B loan as it seeks turnaround

By Anne D'innocenzio
Published
Add Washington Examiner on Google

NEW YORK (AP) — J.C. Penney Co. said Wednesday it has secured a $2.25 billion loan, $500 million more than it had expected, as it tries to stop a collapse in its sales.

The expanded financing deal with Goldman Sachs comes as the Plano, Texas-based retailer has been burning through cash and struggling to win back customers. An overhaul plan spearheaded by its former CEO Ron Johnson had backfired and caused sales to plummet.

Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.