By  on May 6, 2008

Mervyns' credit approval for $40 million in orders has been withdrawn by CIT Group Inc.

CIT has been hit hard by the subprime mortgage crisis fallout, which forced the lender to sell assets and borrow $7.3 billion to repay debt and provide financing. The company posted a first-quarter loss, hurt by its home and consumer lending divisions, and cut its dividend 60 percent.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus