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RAPAPORT... J. C. Penney Company Inc. claimed that CIT continues to support its suppliers, contrary to news reports from yesterday, which sent the retailer's shares plummeting about 12 percent.
CIT continues to factor and support deliveries from JCPenney, and the retailer continues to have the support of all of its key vendors, who have maintained their shipments, according to a special statement released before the market opened. JCPenney also noted that CIT-funded merchandise represents less than 4 percent of its overall inventory for the year. JCPenney further stated that it continues to have ample liquidity to manage its business with expectations to close the quarter with approximately $1.5 billion in cash on its balance sheet.
The news sent JCPenney's shares surging almost 7 percent in pre-market trading to $15.50.
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