J.C. Penney Denies Rumors Of Credit Line Cut Off By CIT

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J.C. Penney Company, Inc. (NYSE:JCP) denied rumors that CIT Group Inc. (NYSE:CIT) has pulled off support for small vendors, compounding a sharp drop in its same store sales. James Covert of New York Post indicated the largest commercial lender in the U.S. apparel industry, CIT Group Inc. (NYSE:CIT), has abruptly stopped financing deliveries from smaller manufacturers to Penney stores. UBS maintains sell rating Michael Binetti and team at UBS Investment Research, however, feel the net impact of CIT Group Inc. (NYSE:CIT) pulling out could be small on the retailer. The analysts feel the pullout has reinforced their concerns on the…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports