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Sears looks to bail out of decades-old credit business.(Sears, Roebuck & Co.)
CHICAGO -- Sears, Roebuck & Co. surprised investors last week when it announced plans to sell its massive $31 billion credit card portfolio. Sears ceo Alan Lacy said assets from the sale would provide a windfall for investors and help the company trim its debt and focus on its troubled retail business.
Though Lacy said the company would remain "vague on the economies for now," estimates on how much Sears would net from the sale ranged from $4 billion to $7 billion. Sears currently has 25 million active accounts on the books for its Sears Card and Sears Gold MasterCard. Analysts said potential suitors for its credit card business--the eighth-largest in the United …
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- Sears' asking price for credit card portfolio dismissed as `fantasy'.(Chicago...
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News wire article from: Knight Ridder/Tribune News Service
Yue, Lorene
March 26, 2003
700+ words
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- Citigroup to buy Sears' credit-card division.(Chicago Tribune)
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News wire article from: Knight Ridder/Tribune News Service
Yue, Lorene
July 15, 2003
700+ words
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- Sears may sell credit card unit.
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Newspaper article from: The Daily Deal
March 27, 2003
700+ words
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- Up to Five Firms Make Opening Bids for Sears' Credit Card Division.
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News wire article from: Knight Ridder/Tribune Business News
May 24, 2003
700+ words
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- UPDATE 3- Sears climbs on plan to sell credit card arm.
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News wire article from: Europe Intelligence Wire
March 26, 2003
700+ words
