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J.C. Penney denies credit squeeze
New York -- J.C. Penney on Thursday said that reports claiming CIT Group Inc., the largest lender in the apparel industry, had stopped funding some shipments to Penney were untrue. The retailer said it has plenty of cash on hand and all major suppliers were still shipping.
“J.C. Penney continues to have the support of all of its key vendors, who have maintained their shipments to the company," the company said in a statement on Thursday.
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New York Post: CIT in credit clampdown to J.C. Penney
New York -- CIT Group Inc., the largest commercial lender in the U.S. apparel industry, has stopped supporting deliveries from smaller manufacturers to J.C. Penney stores, the New York Post reported on Wednesday.
The reason for the crackdown could not be immediately confirmed, the report said, but insiders speculated that CIT got nervous after getting a peek at Penney’s financials.