LOS ANGELES — Troubled Mervyns confirmed reports on Friday that CIT Group Inc. has stopped approving about $40 million in credit on merchandise orders and that some small vendors have stopped shipping.
"For the most part our vendors are still delivering, and CIT has a liquidity crisis of its own," said a spokesman for the Hayward, Calif.-based retailer. "We were affected earlier by the economic downturn and if you look at the situation for all of California, it's been hard for retailers."
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)