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."
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