Business Services Industry
Financial Industry May Not Snap Up Sears' Credit Card Unit.
Knight Ridder/Tribune Business News, March, 2003
By Lorene Yue, Chicago Tribune Knight Ridder/Tribune Business News
Mar. 27--Sears, Roebuck and Co. may have trouble getting what it thinks it deserves for its credit card unit, industry analysts said Wednesday.
The Hoffman Estates company, which has extended credit to its customers for nearly a century, is looking to sell all or part of its $30.8 billion credit card portfolio. Executives put the $12.4 billion co-branded MasterCard and $18.4 billion private-label credit card portfolios on the block in hopes of reviving a sagging stock price and its troubled retail operation.
"We expect to receive an appropriate premium over and above the value of the receivables," said Alan Lacy, Sears' chairman and chief executive officer.
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