JCPenney refutes story of credit trouble
Retail Editor 1 -- Home Textiles Today, August 1, 2013
Plano, Texas - JCPenney released a statement today debunking a story in yesterday's New York Post that said factoring giant CIT was no longer financing contracts with Penney's small vendors.
The retailer called the anonymously sourced story "untrue," adding CIT has confirmed the fact directly with Penney. In addition, CIT-factored merchandise accounts for less than 4% of inventory, the company said.
Penney said it "continues to have the support of all of its key vendors, who have maintained their shipments to the company" and "has ample liquidity to manage its business with expectations to close the quarter with approximately $1.5 billion in cash on its balance sheet."
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