Dive Brief:
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J.C. Penney announced today it has secured a $2.35 billion in loans that will lower its borrowing costs.
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The loan replaces a higher-interest line of credit.
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The retailer has also announced free bang trims and beard trims till June 30 at its salons, aimed at bringing younger buyers into its stores.
Dive Insight:
J.C. Penney continues to surprise many observers with its impressive turnaround so far. And the retailer is finding creative ways to entice younger people into its stores, even hipsters who they hope will wander in for a beard trim and buy something on their way out. With a cheaper debt load, and if those hipsters actually do buy something, the retailer could actually prove wrong the many observers that have written it off.