CIRCUIT CITY TO SELL CREDIT BUSINESS TO BANK ONE.(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, January, 2004
NEW YORK-Electronics retailer Circuit City said it was selling its private-label credit card business to Bank One for $1.8 billion in cash. In November, the retailer sold a portion of its bankcard business to FleetBoston for $1.3 billion. Selling the credit card business allows the retailer to focus on opening new stores as well as renovating existing units, the company said.
The Bank One deal involves compensating the retailer for new credit card accounts. It also provides special terms for Circuit City customers. The deal is expected to close sometime after April and will generate about $27 million in pretax earnings.
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