Reuters: Small Business News: CIT's clampdown only affects future shipments: source

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CIT's clampdown only affects future shipments: source Aug 1st 2013, 00:52 Tweet Share this Email Print Related News CIT cuts off credit to some J.C. Penney vendors: source 8:05pm EDT UPDATE 2-CIT cuts off credit to some J.C. Penney vendors -source 8:02pm EDT S&P 500 ends flat after Fed keeps easy money in play 6:14pm EDT US STOCKS-S&P 500 ends flat; Fed gives no word on tapering 4:57pm EDT CIT's clampdown only affects future shipments-source 4:22pm EDT A sign on the jewelry counter at the J.C. Penney store in Westminster, Colorado February 20, 2009. Credit: Reuters/Rick Wilking Wed Jul 31, 2013 8:52pm EDT (Reuters) - The tightened credit terms now being offered by CIT Group Inc (CIT.N) to small vendors supplying J.C. Penney Co Inc (JCP.N) only affects future shipments, a source familiar with the situation said on Wednesday. The commercial lender and J.C. Penney are still in negotiations, according to the source, who declined to be identified as the negotiations are private. CIT and J.C. Penney were not immediately available to comment. (This story is corrected to show CIT is in negotiations with JC Penney, not vendors, paragraph 2) (Reporting by Dhanya Skariachan in New York; Editing by Gary Hill) 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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