J.C. Penney's latest move to turn itself around involves tapping its own credit line.
Early Monday, the retailer announced it drew $850 million from its $1.85 billion credit facility to help replenish its inventory and for other working capital.
The retailer has been struggling for months as Johnson's ambitious turnaround efforts (store within a store anyone?) fell flat, and sales flagged.
With Ullman taking up the reins, analysts are hopeful the ship will right itself sooner rather than later.
Deutsche Bank reportedly called Monday's move a positive for J.C. Penney, saying the retailer wouldn't likely need to sell a great deal of new stock to meet its financing needs.
Shares of J.C. Penney, which have slumped 25% this year, bounced higher Monday.
StockTwits traders were also cautiously upbeat about the latest moves.
I'd like to point out that while it's true, pressure has been exponentially mounting, Ullman isn't wasting any time. One of his first phone calls was reportedly to Macy's (M) CEO Terry Lundgren to try to resolve the Martha Stewart (MSO) dispute.
The last thing J.C. Penney needs right now is a lawsuit. Penney won Round One, when a judge said the retailer would be allowed to sell certain Martha Stewart products in its stores.
That's certainly good news. Considering the number of layoffs under Johnson, employees (and investors) may be breathing a sigh of relief here that Ullman will be able to get J.C. Penney back on track.
That seems pretty logical to me. And I don't think there's any cause for alarm. It seems like Ullman is taking measured steps.
Amen to that. The stock will probably be choppy for awhile as J.C. Penney works to get its sales back on track. So I wouldn't write it off just yet.
The market slid Friday after a terrible jobs report. Retail stocks were not spared. The SPDR S&P Retail exchange-traded fund (XRT) was down nearly 1%.
It makes sense. If the job market is going into another spring swoon, then consumers probably will spend less at the mall. So why on Earth were shares of J.C. Penney (JCP) up 4%?
J.C. Penney's problems are well-known at this point. The department store chain's sales MOREPaul R. La Monica - Apr 5, 2013 1:10 PM ET
It's a tough week to be a retailer in search of customers. First, the shares of J.C. Penney (JCP) cratered after the Ron Johnson-led retailer reported abysmal fourth-quarter numbers Wednesday night.
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Releasing results so close to JCPenney at least makes MOREMaureen Farrell - Feb 28, 2013 3:15 PM ET
Shares of General Growth Properties (GGP) spiked as much as 12% Thursday after activist hedge fund investor Bill Ackman urged the shopping mall owner to put itself up for sale.
The company has already been in play, but Ackman, who runs the hedge fund Pershing Square, doesn't want General Growth shareholder Brookfield Asset Management to be the only buyer.
Rival mall operator Simon Property Group (SPG) has unsuccessfully tried to buy General MOREMaureen Farrell - Aug 23, 2012 4:24 PM ET
Will the third trip to the public markets be the charm for Burger King's investors?
Burger King (BKW) started trading on the New York Stock Exchange Wednesday, and the home of the Whopper quickly popped nearly 7% from its opening price of $14.50.
In early April, the world's second largest hamburger fast food chain announced a new healthier menu replete with salads, wraps and smoothies. (The new bacon sundae is a glaring MOREMaureen Farrell - Jun 20, 2012 10:54 AM ET
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