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Target Sells Stake in Credit Card Business to JPMorgan
Topics:Credit Cards | Credit | Housing | Mortgages | Subprime Lending
Sectors:Retail
Companies:JPMorgan Chase and Co | Target Corporation
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Target says it is selling an interest in its credit-card receivables business to JPMorgan Chase for about $3.6 billion.
The Minneapolis-based discount retailer says the interest represents about 47 percent of the principal amount of Target's outstanding receivables.
The deal is expected to close before the end of the month.
Target [TGT
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] says the deal will provide it "significant liquidity" without the need to access term debt capital markets again this year and will not affect Target customers.
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Target began to review options for its receivables business in September.
The company also says beginning in the first quarter it will report retail and credit reports in two segments.
© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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