By and  on April 15, 2013

Myron “Mike” Ullman 3rd isn’t wasting any time trying to get J.C. Penney Co. Inc. back on track.

A week after Ullman replaced Ron Johnson as the struggling retailer’s chief executive officer, Penney’s unveiled plans to “enhance” its financial flexibility and position by drawing funds from its credit line. The move follows Penney’s decision to hire Blackstone Group to determine ways to shore up its finances. It also recently hired Centerview Partners to advise on ways to raise cash.

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