(Filed Under Financial and General Interest News). CIT Group Inc. has expanded its six-year-old factoring relationship with LF USA, Inc, a subsidiary of Li & Fung, to include Wear Me Apparel, LLC, which conducts business as Kids Headquarters. LF USA acquired Kids Headquarters—a producer of young men and children’s apparel including swimwear and pajamas—in October 2009. CIT expects this expanded relationship to bring in an estimated additional $700 million in annual factored volume.
As previously reported in BODY, CIT, a provider of financing to small businesses and middle market companies, filed for chapter 11-bankruptcy protection in November of last year.
For further information, contact Ken Brause, executive vice president of investor relations, by calling (212) 771-9650, or e-mailing Ken.Brause@Cit.com.
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