JC Penney's new CEO opened an $850 million revolving credit to help grow its inventory. The loan is larger -- and comes sooner -- than expected in the wake of a failed overhaul led to his predecessor's departure.
“People are looking for signs of how much of an urgent situation this is, so tapping something to that size puts it in the category of ‘fairly urgent,' Michael Binetti, an analyst for UBS AG, told Bloomberg Businessweek.