Retail Industry
Industry: Email Alert RSS FeedMacy's, GECC settle dispute over monthly credit card fees. (R.H. Macy & Co., General Electric Capital Corp.) (Brief Article)
Daily News Record, December, 1992 by Auerbach, Jonathan
NEW YORK (FNS) -- After months of intense negotiations, R.H. Macy & Co. and General Electric Capital Corp. have settled a dispute over GECC's monthly fee to handle Macy's multimillion-dollar private credit card business.
Under a stipulation filed in bankruptcy court here. Macy's will continue paying GECC $425,000 a month for the service, but may eventually receive a $4.2 million rebate if GECC's return on investment exceeds certain levels.
The potential partial payback would come from a $15 million fund established by Macy's under the credit card acquisition agreement with GECC.
Macy's credit business was purchased by GECC last year for $1.4 billion.
In order for Macy's to recoup the maximum $4.2 million, GECC's return on...
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