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Article: Charming Shoppes Closes Alliance Deal.(Brief article)
- Article from:
- American Banker
- Article date:
- November 3, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Marc Hochstein
Charming Shoppes Inc. has closed on the sale of its private-label credit card portfolio to Alliance Data Systems Inc. for $166 million.
Alliance Data, of Dallas, also agreed to issue cards to Charming Shoppes' customers for the next 10 years, the retailer said.
The portfolio consists of $500 million of receivables from 4.5 million active cardholders.
Few retailers still own credit card businesses.
The remaining holdouts include Target Corp., Nordstrom Inc. and Cabela's Inc.; Target sold a minority stake in its receivables to JPMorgan Chase & Co. last year.
Like Target, Charming Shoppes, a ...