J.C. Penney acquired a five-year $1.75 billion loan from Goldman Sachs as the struggling company looks to strengthen its finances.
The news came about two weeks after J.C. Penney announced it had drawn $850 million from a $1.85 billion credit line. The loan, secured by its real estate and other assets, can be used to fund ongoing working capital requirements, the retailer said Monday.
"This loan facility is an important component of our strategic plan to strengthen the company's financial position," said Ken Hannah, J.C. Penney's chief financial officer in a statement. "Together with our revolving credit facility, this will give us the financial strength we need to meet our current funding requirements and build toward a successful future."
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