J.C. Penney in talks for $500 million loan

The Wall Street Journal reported Thursday that J.C. Penney is now in talks with Wells Fargo and at least two other investment firms, seeking a $500 million loan to shore up the troubled retailer’s cash reserves. The loan would come due in five years and be backed by the company’s inventory, accounts receivable and intellectual property. Earlier in the week J.C. Penney announced that it borrowed $850 million from its $1.85 billion revolving credit facility.