USA: Sears To Sell Credit-Card Unit To Citigroup
In a statement, Sears said the sale of its Credit and Financial Products business will also free up $3 billion in invested capital for the company.
As part of the transaction, Sears and Citigroup will also enter into a long-term marketing and servicing alliance with an initial term of 10 years.
With 25 million active accounts out of a total of 59 million accounts, Sears' credit-card portfolio is the eighth-largest in the US. But the credit-card unit has been hurt badly by rising delinquencies and Sears announced earlier this year that it wanted to sell the unit in order to focus on its retail operations.
Companies: Sears Holdings Corporation
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