Cit Bankruptcy a Blow to Retailers ; Lender Helps Stores Stock Their Shelves.

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WASHINGTON (AP) -- The bankruptcy of a key lender that helps retailers stock their shelves is adding to the industry's worries ahead of the critical holiday shopping season. CIT Group Inc. filed for Chapter 11 bankruptcy protection yesterday in New York after months of struggling to avoid collapse. The company provides badly needed credit to thousands of small and mid-sized businesses and is a critical part of the flow of capital in the retail sector.

CIT stressed that its lending operations will continue to operate as it proceeds through bankruptcy with the hope of shedding $10 billion in debt.

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Extract

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Cit Bankruptcy a Blow to Retailers ; Lender Helps Stores Stock Their Shelves.

Chairman and CEO Jeffrey Peek said the company's prepackaged reorganization plan "will allow CIT to continue to provide funding to our small busin...

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