J.C. Penney Denies Rumors Of Credit Line Cut Off By CIT

J.C. Penney Company, Inc. (NYSE:JCP) denied rumors that CIT Group Inc. (NYSE:CIT) has pulled off support for small vendors, compounding a sharp drop in its same store sales. James Covert of New York Post indicated the largest commercial lender in the U.S. apparel industry, CIT Group Inc. (NYSE:CIT), has abruptly stopped financing deliveries from smaller manufacturers to Penney stores. UBS maintains sell rating Michael Binetti and team at UBS Investment Research, however, feel the net impact of CIT Group Inc. (NYSE:CIT) pulling out could be small on the retailer. The analysts feel the pullout has reinforced their concerns on the…