J.C. Penney Repurchases Stock

Plano, Texas, J.C. Penney plans to spend $1 billion to refinance debt and buy-back stock. The company will buy back $750 million in common stock and $250 million in debt.

“The expansion of our capital structure repositioning is made possible by the company’s consistent operating improvement, strong liquidity and positive free cash flow,” said Robert Cavanaugh, executive VP and CFO. “This new program reflects the confidence we have in our business and further strengthens our financial profile.”