CIT Group Reports Q2 Profit

NEW YORK—CIT Group, a major lender and factor for the apparel industry, reported earnings of $142.1 million for the second quarter.

Last year at this time, the apparel industry was bracing for the lender’s apparent self-destruction. CIT Group filed for bankruptcy last November.

CIT says it reduced its debt by $3 billion and continued to lend to small- and medium-sized businesses.

“During the second quarter we continued to advance our key corporate initiatives,” said CEO John Thain. “We improved our funding flexibility, repaid higher cost debt, streamlined our portfolio and largely completed the build-out of our senior management team. We remain committed to increasing the value of our commercial franchises and supporting the small business and middle market sectors that are vital to the U.S. economy.”

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