Footwear industry fears for financing firm
16/07/2009
The president and chief executive of the American Apparel & Footwear Association (AAFA), Kevin Burke, has released a statement following the announcement that discussions about a possible government bailout of commercial lender CIT Group have ended unsuccessfully.
“After their discussions with various US government agencies and officials, I am deeply troubled by the announcement that no solution is in sight for CIT Group, a leading lender for small and midsized US footwear and apparel producers and retail outlets,” the statement said. “In a time when the industry is experiencing the most gripping credit crunch in memory, I fear this may only further hinder any opportunity for economic recovery.
“As our industry’s busy shipping season begins and holiday orders are placed, U.S. apparel and footwear companies will rely heavily on the availability of credit and cash flows. I hope that further discussions between CIT and the government can yield a resolution that keeps the U.S. apparel and footwear industry moving forward.”
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