Levi Strauss

J.C. Penney Co Inc has borrowed $850 million from its $1.85 billion revolving credit facility to help buy inventory as the department store operator revamps its business strategy after a failed turnaround.The company said on Monday it will use the proceeds to fund its working capital needs and capital expenditures, including buying inventory as it overhauls its home goods department, an effort it expects to complete next month.The borrowing, which analysts said was bigger and sooner than expected, was seen as merely a "stop-gap measure" by Fitch Ratings, who said it remains concerned about Penney's ability to secure the roughly $1 billion it will need in permanent financing this year."We expect J.C. Penney will need to tap into various sources of funding including equity infusion," the agency said on Monday, a week after Penney ousted Chief Executive Ron Johnson, who was brought in by shareholder and board member William Ackman to revitalize the lackluster retailer.But the fact that th...

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