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NEW YORK, Aug 6 (Reuters) - J.C. Within the quick time period, she is lowering stock at shops to spice up margins on merchandise and shutting underperforming outlets. However in newly-minted Chief Govt Officer Jill Soltau´s turnaround bid, another determine looms bigger: $Four billion. Penney has about $1.Seventy five billion in liquidity in the form of cash and money accessible underneath a revolving credit score line, a point Soltau has emphasised in meetings with hedge funds holding the retailer´s loans and bonds, an individual conversant in the matter mentioned. Penney Co Inc´s stock has plunged more than 70% over the past year and now trades under $1. Its first-quarter financial loss nearly doubled to $154 million. That is the tough whole of a doubtlessly crushing debt load on Penney´s balance sheet, a ticking time bomb that might derail Soltau´s try and revitalize the 117-12 months-old department store chain. Soltau, employed late last year from craft and fabrics vendor Jo-Ann Stores, is attempting to restore Penney´s roots as a retailer of mid-priced apparel for center-class families.
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