July 31, 2013 / 8:02 PM / 4 years ago

CIT clamps down on credit to small J.C. Penney vendors -NY Post

NEW YORK, July 31 (Reuters) - Commercial lender CIT Group Inc has abruptly stopped supporting deliveries from smaller manufacturers to J.C. Penney Co Inc, the New York Post reported on Wednesday, citing a source familiar with the situation.

The news sent shares down 10 percent in late trading.

The Post said insiders speculated that CIT got nervous about Penney’s financials after meeting with Penney officials on Tuesday. Penney and CIT representatives were not immediately available for comment.

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