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CIT's clampdown only affects future shipments-source

July 31 | Wed Jul 31, 2013 4:22pm EDT

July 31 (Reuters) - The tightened credit terms now being offered by CIT Group Inc to small vendors supplying J.C. Penney Co Inc only affects future shipments, a source familiar with the situation said on Wednesday.

The commercial lender and the vendors 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.

 
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