BON-TON TO OUTSOURCE CREDIT CARD BUSINESS TO HSBC.(Bon-Ton Stores Inc., HSBC USA Inc.)
HFN: The Weekly Newspaper for the Home Furnishing Network, June, 2005 by Rudnick, Michael
Byline: Michael Rudnick
NEW YORK-The Bon-Ton Stores has decided to outsource its private-label credit card program to HSBC Retail Services.
The department store chain announced that it had reached a definitive agreement in which HSBC will acquire its portfolio of existing credit card accounts and the outstanding balances associated with those accounts.
Bon-Ton expects to receive net cash proceeds for the accounts receivable balances less the accounts receivable sold under the securitization facility, plus an undisclosed premium. At the end of the first quarter of fiscal 2005, the accounts receivable balances would have totaled about $300 million, while accounts receivable sold under the securitization facility were $226.8 million. A final...
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