J.C. Penney Borrows $850 Million As Pressure Mounts

J.C. Penney Company, Inc. (NYSE:JCP) has had a poor 2013 by any standards. The firm’s stock has lost almost 24 percent in the first four months of the year, and the company’s board felt compelled to fire CEO Ron Johnson and replace him with his predecessor, a move that confused the market. The latest sign of weakness at the company was revealed today as the retailer drew $850 million on its $1.85 billion line of revolving credit. Bill Ackman, the activist investor who has been involved in J.C. Penney Company, Inc. (NYSE:JCP) for the last year, has been inconsistent in his defense…