Reuters: CIT Keeping Sears on a Short Leash
Reuters reported that CIT Group will again stop providing loans to suppliers of Sears after January 31, as the business lender awaits more information on the retailer’s financial health, citing two retail sources.
The Reuters article said CIT is keeping the operator of Sears department stores and the Kmart discount chain on a tight leash, according to the sources, after the company posted 18 straight quarters of sales declines. Sears is scheduled to report annual results on February 23. CIT had initially halted loans to Sears suppliers in early January.
To read the full Reuters article, click here.
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