CIT Group’s Supply Chain Finance unit, part of its Commercial Services division, is expanding its capabilities, including the implementation of a new cloud-based supply chain finance platform.
CIT Group added Jerry Younts to its Commercial Services team as a senior business development officer. Younts will be responsible for offering factoring and asset-based financing services.
Marc Adelson joined CIT’s Commercial Services business as managing director and Northeast regional manager. Adelson joined from Monroe Capital where he was a managing director.
CIT Commercial Services appointed Darrin Beer as western regional sales and portfolio manager. Beer has served with CIT since 1999, when it acquired the factoring portfolio of Heller Financial.
It seems like only yesterday that the mall replaced Main Street as the place to hang out with friends, grab a burger or hunt for a pair of trendy jeans. Now the internet and social media have turned many malls into ghost towns as brick-and-mortar stores struggle to stay afloat and kids hang out on Snapchat and Instagram instead of the food court. But many malls are fighting back and using technology to reinvent themselves. Writer/editor Natalie Burg reports that malls aren’t dead yet.
Joe’s Jeans will sell Joe’s brand and operating assets for $80 million to two separate buyers. The company also will retire its outstanding indebtedness to CIT upon completion of a merger with RG Parent.
CIT executives hold roundtable discussion on trends and growth prospects in the apparel, furniture and consumer electronics sectors.
CIT Group arranged and syndicated a $90 million senior secured credit facility to The Levy Group, a designer, manufacturer, importer and distributor of men’s and women’s apparel.