US: Charming Shoppes sells credit card business

2 November 2009 | Source: just-style.com

Women's plus-size apparel retailer Charming Shoppes Inc has sold its private label credit card programme to Alliance Data for $136m.

The deal allows Charming Shoppes to focus on its core business, which operates 2,258 retail stores and mail order catalogues.

As announced in August, the two companies have also signed a ten-year operating agreement for servicing the credit card programmes for the Lane Bryant, Fashion Bug and Catherines stores - which between them have 4.5m accounts generating $680m in annual sales.

Charming Shoppes will receive payments from Alliance Data based on credit sales generated by the private label credit card portfolio.