CIT cuts off credit to some J.C. Penney vendors: source
Commercial lender CIT Group abruptly stopped funding some future shipments to J.C. Penney Co , a source familiar with the situation said Wednesday, in a move that could disrupt the retailer's holiday shipments and hamper sales.
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#1 Jul 31, 2013
I think this is the begining of much larger issues for penneys. It appears lenders are losing faith in getting repaid...
eventually penneys made be forced to declare bankruptcy
#2 Aug 1, 2013
I am not surprised by the cut off credit with that law suit coming up. The rest of the rats are jumping ship. If that Stewart junk has to go, unlabeled or not, JCP will not have any income on remaining stock, huge hit because it has already been produced. JCP will have to get something to replace the hole it will leave in the store . This isn't Macy's problem nor should Macy's be made to pay from Ronnie and Stewarts underhanded actions.
The Christmas season this year may help Ullman out, but I think JCP was put on an unbreakable cycle of a damped sine wave of up and downs. Ronnie spent all the cushion cash, fired his most experienced workers, including his in house designers, and reduced sales so badly there is just bits and pieces of fat left for Ullman. It is amazing Ronnie wanted until 2015 to continue on this path of spending. Oh well, my money isn't involved in this mess, it is hard to watch, like a slow motion train wreck coming to a stop.
#3 Aug 1, 2013
it appears same store sales are still tanking. sadly it appears penneys may cease to exist.....
one thing for ron he killed it quick...
#6 Aug 3, 2013
more bad news;(
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