U.S. retail sector may be in trouble

U.S. CIT Group could not avoid bankruptcy protection, even after several months of fight. The 101-year old company offers credit mostly to small and medium-sized retail companies.

The company stressed that its lending operations will continue to operate under the bankruptcy protection, and hopefully the 10 billion dollar debt will be resolved. According to Jeffrey M. Peek, the president and CEO of the company, the company re-packaged reorganization plan will allow CIT to continue to support small and medium-sized businesses – reports Profitline.hu.