News Summary: Penney says CIT supports deliveries

Retailer JC Penney says lender CIT Group still supporting deliveries from suppliers

Associated Press

NEW YORK (AP) -- CIT CLARITY: Department store operator J.C. Penney Co. said Thursday that lender CIT Group Inc. continues to support deliveries from its suppliers. Penney's comments came after a New York Post report said that CIT had stopped providing financial support to suppliers selling to J.C. Penney stores.

STILL SUPPORTIVE: Penney said that it still has the support of its key vendors, which are continuing shipments to the company.

LIQUIDITY: Penney said that it still has ample liquidity to run its business. The retailer expects to close the second quarter with about $1.5 billion in cash on its balance sheet.

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