Troubled department store group JCPenney has unveiled plans to enhance its financial position, having burned through $10m (£6.56m) in the fiscal year ended February 2, prompting liquidity concerns.

As part of the process, the retailer has drawn $850m (£556.7m) from its $1.85bn (£1.21bn) committed revolving credit facility. Proceeds will fund working capital requirements and capital expenditure.

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