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J.C. Penney denies credit squeeze

New York -- J.C. Penney on Thursday said that reports claiming CIT Group Inc., the largest lender in the apparel industry, had stopped funding some shipments to Penney were untrue. The retailer said it has plenty of cash on hand and all major suppliers were still shipping.

“J.C. Penney continues to have the support of all of its key vendors, who have maintained their shipments to the company," the company said in a statement on Thursday.

Penney also said Thursday it expects to have $1.5 billion in cash on hand for the quarter just ending. The chain will report its results later this month.

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