CIT Group Incorporated
J.C. Penney says N.Y. Post report of CIT lending stoppage is untrue

J.C. Penney Co. said a New York Post article on Wednesday reporting that commercial lender CIT Group Inc. had halted funds to some of its suppliers is untrue. In a statement Thursday, J.C. Penney said that CIT “continues to factor and support deliveries” from the department store chain’s vendors. The Plano, Texas, retailer said it heard as much directly from CIT. J.C. Penney, which has been fighting to recover from a failed turnaround initiative, also said it “continues to have ample liquidity to manage its business.” The New York Post story, which cited anonymous sources, said CIT “abruptly stopped financing deliveries from smaller manufacturers...