The fate of CIT Group Inc. remained in jeopardy Tuesday as the highly indebted lender negotiated with regulators for a government lifeline.
The uncertainty surrounding the finance giant has complicated an already torturous season for the apparel industry as vendors and retailers struggle to shrink the cost of doing business in order to match consumers’ reduced spending. CIT advances vendors cash on their accounts receivable and provides basic financing for small and midsized retail and wholesale operations. Its failure could deprive thousands of apparel firms the fiscal lifeline they need going into the crucial fall and holiday seasons.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)