In an effort to stabilize its financials, replenish inventory and fund the overhauling costs related to its new home departments across 500 stores, J. C. Penney Company Inc. ( JCP - Analyst Report ) drew $850 million from its $1.85 billion revolving credit facility.

This comes within a week of Ron Johnson’s removal from the position of the CEO, as his ambitious transformational ideas failed to materialize and former CEO, Myron E. (Mike) Ullman, III was reinstated to the helm.

Ron Johnson, who was appointed as the CEO with high expectations, was discharged from his position after serving for 17 months. Within this span, Johnson announced a string of strategic measures to bring the company back on its growth trajectory. Back then, the company’s COO Mike Kramer had announced plans to fund the entire transformation activities through its cash from operations.

On the other hand, J. C. Penney’s restructuring initiatives have been crumbling as the company is exhibiting no signs of improvement. Alongside, it is constantly lagging its peers, Macy’s Inc. ( M - Analyst Report ) , Target Corporation ( TGT - Analyst Report ) and Kohl’s Corporation ( KSS - Analyst Report ) in terms of performance.

If we look at the earnings surprise history, J. C. Penney has missed the Zacks Consensus Estimate for 5 straight quarters with an average negative surprise of approximately 447.8%.

During the last reported quarter, the company posted an adjusted quarterly loss of $1.95 per share compared with earnings of 21 cents in the year-ago quarter. The Zacks Consensus Estimate for the quarter was of a loss of 19 cents.

Shares of J.C. Penney currently maintain a Zacks Rank #3 (Hold).