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Sears sells credit division. (Breaking News).(to Citigroup)(Brief Article)
Sears will sell its credit division to Citigroup, a New York financial services company that also handles Home Depot's private-label credit card. The deal will bring some much-needed capital to Sears and strengthen Citibank's position as the nation's largest credit card manager.
Citibank will pay $32 billion for a receivables portfolio of $29 billion, leaving Sears with $3 billion in cash. In addition, Sears will retain $3 billion in invested capital.
As part of its 10-year strategic alliance, Citibank will pay Sears approximately $200 million a year to generate new accounts and credit-card sales. Sears will also realize an annual savings of more than $200 …
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- Sears to sell credit division, focus on retail.
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News wire article from: Knight Ridder/Tribune News Service
Chandler, Susan
March 26, 2003
700+ words
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- 5 firms expected to bid for Sears credit division.(Chicago Tribune)
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News wire article from: Knight Ridder/Tribune News Service
Yue, Lorene
May 23, 2003
700+ words
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- Sears posts record profits on credit division sale.(Brief Article)
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News wire article from: Home Channel News NewsFax
February 2, 2004
700+ words
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- Sears looks to sell credit unit, focus needed on merchandise.(Brief Article)
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News wire article from: Chain Store Age Executive Fax
March 28, 2003
700+ words
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- Sears to Eliminate 4,900 Jobs, Remodel Stores to Boost Image.
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Newspaper article from: The Record (Bergen County, NJ)
October 25, 2001
700+ words
