Factoring Firm Cuts Credit for Campeau Merchandise : Retailing: Suppliers worry about retailers’ potential for bankruptcy. And Campeau-owned stores might have shipments halted.

Reacting to the potential bankruptcy of retail subsidiaries of Campeau Corp., the nation’s second-largest factoring company said Thursday that it no longer would extend credit on merchandise bound for Campeau-owned department stores, including such chains as Bloomingdale’s.

Chicago-based Heller Financial Inc. shut off credit lines to Campeau suppliers as of Thursday morning, spokeswoman Laura Jiracek said. Factoring companies like Heller advance money to suppliers to cover bills due from retail stores.

The announcement by the Campeau-owned retailers that they may have to take refuge in bankruptcy court also intensified concerns among suppliers and increased the chances that shipments could be halted.

Several apparel and accessory manufacturers said they were keeping in close touch with executives in charge of Campeau’s U.S. retailing operations. Bills have been paid on time so far, they said.

The suppliers, whose fates are tied to retailers, expressed hope that business wouldn’t be disrupted as Campeau copes with a worsening cash shortage.

“I’m very worried about the situation,” said Howard Bloom, president and chief executive of Chetta B Inc., a clothing maker. “It gets progressively worse looking every day. I’m taking a wait-and-see posture.”

Retail analysts said disclosures by Campeau’s Federated Department Stores Inc. and Allied Stores Corp. of deepening financial difficulties were unsurprising given the fierce competition taking place in the industry.

Federated and Allied said in documents submitted to the Securities and Exchange Commission that their cash could run out by March or sooner and that they might seek protection from creditors under Chapter 11 of the federal bankruptcy code.

The move would permit Campeau-owned retailers to remain operating while their Canadian parent company sorted out its financial problems. At the heart of the trouble is the massive debt Campeau acquired in taking over Federated in 1988 for $6.7 billion and Allied in 1986 for $3.4 billion.

In addition to the 17-store Bloomingdale’s chain, which is up for sale, Federated operates Abraham & Straus, Burdines, Lazarus, Rich’s and Goldsmith’s. Under the Allied umbrella are the Bon Marche, Jordan Marsh, Maas Brothers and Stern’s. The two combined have about 100,000 employees and 260 stores.

Vendors, such as clothing makers Bernard Chaus Inc., Ellen Tracy Inc., Liz Claiborne Inc. and others that do business with many of the stores, said they would continue to monitor developments at Campeau and that up to now they’ve been satisfied with how promptly the company has paid for goods.

Another yardstick of Campeau’s relationship with vendors could come when some manufacturers seek credit in coming weeks to ship spring merchandise to the stores.