Bloomberg: CIT to Halt Sears Supplier Loans
Bloomberg reported that Sears’ suppliers will no longer be able to get loans from CIT for its shipments to the retailer, citing people familiar with the situation.
The article said that goods factored by CIT represent less than 5% of the company’s inventory, according Sears.
Bloomberg quoted Sears spokesman Chris Brathwaite as saying, “We disagree with their action” and “point out that other factors are approving shipments to Sears… It’s important to note, that Sears Holdings has more than adequate liquidity and ample resources at our disposal.”
To read the full Bloomberg/BusinessWeek article, click here.