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Mervyns' credit approval for $40 million in orders has been withdrawn by CIT Group Inc.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

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