A worst-case scenario appeared to have been avoided late Sunday as CIT Group Inc. was reported to have reached a tentative $3 billion financing deal with bondholders, allowing the entire apparel supply chain to breathe a large sigh of relief.
News of the deal — the most welcome about CIT in more than a week — allowed suppliers and retailers a respite as they sought to cope with the potentially catastrophic effects a CIT bankruptcy would have had on the shipment of fall and holiday goods by vendors, as well as the day-to-day credit requirements of many stores. An attempt by CIT last week to secure a second round of federal financing ended in failure.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"