(Updated from July 16.)CIT's ( CIT) last-minute emergency financing boosted retail shares on Monday. The lender, which has about 300,000 retail clients, struck a $3 billion last-minute deal with a group of creditors to avoid bankruptcy. The news sent the S&P Retail Index up about 1% in morning trading to 337.54. The most notable gains include: Macy's ( M), which jumped 4% to $12.41, JC Penney ( JCP), which grew 2% to $29.41, Dillard's ( DDS), which rose 3% to $8.39 and AnnTaylor Stores ( ANN), which increased 5.5% to $8.79. Last week, after CIT said it probably would not receive a government bailout in the near future, investors feared the worst for the retail industry, which heavily relies on the lender for funding. Some retailers even have suppliers with exposure to CIT, an analyst said Friday, which could slow or stall shipments to stores ahead of the crucial holiday shopping season. FBR Capital Markets analyst Adrienne Tennant said that among the mall-based retailers she covers, Chico's FAS ( CHS), Hot Topic ( HOTT), Talbots ( TLB) and Urban Outfitters ( URBN) have said they have some, but limited, exposure to CIT. Retailers are trying to clear up involvement with CIT for fear that investors may pull back. On Thursday department store Dillard's released a statement saying CIT is no longer involved in the company's $1.2 billion revolving credit facility and does not have any ongoing financing agreements with CIT.