Sears Holdings Corp. got some breathing room as factoring firm CIT is said to be approving orders again.
This story first appeared in the January 19, 2012 issue of WWD. Subscribe Today.
Credit sources said that those approvals for vendor financing could begin as early as today. Terms of the deal between Sears and CIT were not immediately available, but contacts in the factoring and credit community said CIT was looking for more detailed information about Sears’ finances and even possibly requiring letters of credit for all orders.
Representatives from Sears are in New York meeting with trade financiers. The first meeting was with CIT on Wednesday.
A spokesman for Sears declined comment, while a spokesman for CIT could not be reached for comment by press time.