One week after Myron "Mike" E. Ullman III was reappointed as CEO of struggling American retail chain jcpenney, the company revealed plans to gain some sense of financial flexibility by borrowing $850 million from its credit line. Many insiders have noted that Ullman's first task should be to reassure its vendors about the company's financial health, as jcp may face pressure for early payment for merchandise which will affect available cash flow.
The board's chairman, Thomas Engibous, notes that "[Ullman] is well-positioned to quickly analyze the situation jcpenney faces and take steps to improve the company's performance". Ullman, however has yet to announce strategic guidance for the company, explaining that "some things are working well, other maybe not, but I deserve a chance to be on the ground". The clock is ticking and jcp is looking to quickly gain back market share, its customers, and revive its claim to "America's favourite department store".