Daily News: August 1, 2013

Bloomberg: J.C. Penney Says CIT Still Funding

Bloomberg reported that J.C. Penney said a report that CIT has stopped funding some of its suppliers is false.

The article noted that J.C. Penney stock tumbled 10% yesterday (7/31/13) after the New York Post reported that CIT ceased supporting deliveries from small manufacturers to its stores.

The earlier New York Post story said the reason for the credit clampdown couldn’t immediately be confirmed, but noted that some insiders speculated that CIT got skittish after getting a peek at Penney’s financials.

In a related article, Reuters noted, citing an industry source, that CIT may want detailed data ahead of the department store chain’s quarter earnings on August 20.

To read the entire Bloomberg story, click here.

To read the New York Post story click here.

To read the Reuters story click here.

Previously on abfjournal: Goldman Sachs, Others Arrange J. C. Penney $2.25B Term Loan, May 23, 2013