Mid-turnaround, J.C. Penney boosts borrowing capacity

World News: . []

(Reuters) - Retailer J.C. Penney Co Inc increased its borrowing capacity under a bank credit facility by $100 million to $1.85 billion and expanded an option to borrow more at a later date, raising concerns among analysts as it works on a turnaround. 'As we enter the second year of our transformation, today's announcement reflects the confidence of our banking group in our long-term strategy and further strengthens our liquidity position as we continue to execute our plan,' J.C. Penny Chief Financial Officer Ken Hannah said in a statement on Tuesday. ...

Read More: http://news.yahoo.com/mid-turnaround-j-c-penney-boosts-borrowing-capacity-024537654--sector.html

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