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JC Penney secures bigger-than-expected $2.25B loan

NEW YORK (AP) -- J.C. Penney says it has secured a $2.25 billion loan, $500 million more than it had expected.

The Plano, Texas-based retailer has been burning through cash and struggling to win back customers.

The company last month fired its CEO, Ron Johnson after his ambitious turnaround plan backfired and caused sales to plummet. J.C. Penney brought back Johnson's predecessor Mike Ullman to take over the top spot.

Proceeds from loan will be used to fund the company's operations and pay off some of its debt, J.C. Penney said Wednesday.