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Jcpenney store

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CEO Ron Johnson will be replaced by his predecessor Myron Ullman.
J.C. Penney will use the money to fund its operations and pay down debt.
J.C. Penney shares are up despite the retailer forecasting a 16 percent drop in Q1 sales.
Jcpenney store

This picture taken on February 28, 2013, shows a J.C. Penney store in Daly City, California.

Justin Sullivan