Reuters: Small Business News: CIT clamps down on credit to small J.C. Penney vendors: NY Post

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CIT clamps down on credit to small J.C. Penney vendors: NY Post Jul 31st 2013, 20:42 Tweet Share this Email Print Related News CIT clamps down on credit to small J.C. Penney vendors -NY Post 4:03pm EDT Billionaire investor Soros takes long position in Herbalife 3:47pm EDT The entrance of a J.C. Penney store is pictured in Arcadia, California in this March 1, 2013, file photo. Credit: Reuters/Mario Anzuoni/Files NEW YORK | Wed Jul 31, 2013 4:42pm EDT NEW YORK (Reuters) - Commercial lender CIT Group Inc (CIT.N) has abruptly stopped supporting deliveries from smaller manufacturers to J.C. Penney Co Inc (JCP.N), the New York Post reported on Wednesday, citing a source familiar with the situation. The news sent shares down 10 percent in late trading. The Post said insiders speculated that CIT got nervous about Penney's financials after meeting with Penney officials on Tuesday. Penney and CIT representatives were not immediately available for comment. (Reporting by Phil Wahba in New York) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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