CIT Group Inc. to no longer provide loans to Sears and Kmart
- Sears Holdings Corp. was dealt another blow Thursday when word spread that CIT Group Inc., a key lender in the retail industry, would no longer provide loans to suppliers shipping goods to Sears and Kmart.
The 101-year-old lender CIT Group has gone out of business and is filing for bankruptcy, with its board approving a ``prepackaged'' restructuring plan to shed $10 billion in debt.