CIT's clampdown only affects future shipments: source

Wed Jul 31, 2013 8:52pm EDT

A sign on the jewelry counter at the J.C. Penney store in Westminster, Colorado February 20, 2009. REUTERS/Rick Wilking

A sign on the jewelry counter at the J.C. Penney store in Westminster, Colorado February 20, 2009.

Credit: Reuters/Rick Wilking

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

The commercial lender and J.C. Penney 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.

(This story is corrected to show CIT is in negotiations with JC Penney, not vendors, paragraph 2)

(Reporting by Dhanya Skariachan in New York; Editing by Gary Hill)

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