Thursday August 1st, 2013 - 11:10AM
JC Penney management said a news report claiming CIT would suspend its factoring support of the retailer is untrue and that it has been told so directly by CIT.
JC Penney said CIT continues to factor and support deliveries from JC Penney suppliers. The retailer also said its continues to have the support of all of its key vendors, who have maintained their shipments to the company, according to the retailer.
The company said CIT factored merchandise currently represents less than 4% of its overall inventory for the year. The company added it has ample liquidity to manage its business with expectations to close the quarter with approximately $1.5 billion in cash on its balance sheet.