|jcpenney Says News Report About CIT's Action is Untrue|
PLANO, Texas (Aug. 1, 2013) -- J. C. Penney Company, Inc. (NYSE: JCP) said that a news report which appeared yesterday is untrue and that it has been told so directly by CIT, the subject of that report. Contrary to the news report, CIT continues to factor and support deliveries from jcpenney suppliers. In fact, jcpenney continues to have the support of all of its key vendors, who have maintained their shipments to the Company. The Company noted that CIT factored merchandise currently represents less than 4% of its overall inventory for the year. The Company further stated it continues to have ample liquidity to manage its business with expectations to close the quarter with approximately $1.5B in cash on its balance sheet.
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