Mervyns' credit approval for $40 million in orders has been withdrawn by CIT Group Inc.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