Sears Down on Reports of CIT Halting Loans to Suppliers
The shares of Sears Holdings (NASDAQ: SHLD) are under pressure pre-market after Bloomberg reported last night that CIT is no longer giving out loans to the Sears suppliers. The report cited two people familiar with the source who said that CIT would no longer approve credit for orders starting today,
According to the article, the Sears spokesperson responded: "We disagree with their action...and other factors are approving shipments to Sears." Two weeks ago Sears announced that the company will be closing up to 120 stores, which has sparked concerns over the future of this parent company of K-Mart and and Sears stores.
Sears is currently trading at $29.80, a loss of $3.10 or 9.42% pre-market.
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