J.C. Penney's shares plunge on report that troubled retail chain faces financing woes

  • Article by: ANNE D'INNOCENZIO , AP Retail Writer
  • Updated: July 31, 2013 - 6:35 PM

NEW YORK — J.C. Penney's shares plunged Wednesday after a report that CIT, the largest lender in the clothing industry, has stopped providing financial support to small and large suppliers selling to Penney stores — for now.

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