Sears shares fall on news that CIT will again stop providing loans [View all]

[marmar]

Reuters
10:35 a.m. CST, January 31, 2012


CIT Group will again stop providing loans to suppliers of Hoffman Estates-based Sears Holdings Corp. after Tuesday as the business lender awaits more information on the retailer's financial health, two retail sources told Reuters on Monday.

Shares of Sears fell 5 percent in morning trading on the news.

CIT is keeping the operator of Sears department stores and the Kmart discount chain on a tight leash, the sources said, after the company posted 18 straight quarters of sales declines.

Sears is scheduled to report annual results on February 23, when Chairman Edward Lampert typically publishes a letter to shareholders. The hedge fund manager is Sears' largest shareholder and owns directly and through related entities about 59 percent of the retailer. ................(more)

The complete piece is at: http://www.chicagotribune.com/business/breaking/chi-sears-shares-fall-on-news-that-cit-will-again-stop-providing-loans-20120131,0,5672082.story