SEARS: SHAREHOLDERS TO BENEFIT FROM CREDIT SERVICES SALE.(Citigroup to acquire credit card and financial services business )(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, July, 2003 by Zaczkiewicz, Arthur
HOFFMAN ESTATES, Ill.-Sears said last week it was selling its credit card and financial services business to Citigroup for $3 billion. Sears' gross domestic credit card receivables portfolio is tagged at $29 billion. Once the deal closes, the retailer said it would get cash proceeds of $3 billion and another $3 billion would be realized from the company's net invested capital.
The retailer told Wall Street that it would use proceeds from the deal to pare down debt as well as return cash to stockholders.
Alan Lacy, chairman and chief executive officer, said the deal creates "significant value for our investors by accelerating progress toward building a Sears that is completely focused on growing our core retail and related services business, further...
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