×
774
Fashion Jobs
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Thanjavur
Permanent · Thanjavur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Karjat
Permanent · Karjat
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Darjeeling
Permanent · Darjeeling
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Ankleshwar
Permanent · Ankleshwar
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Pali
Permanent · Pali
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kurseong
Permanent · Kurseong
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kumbakonam
Permanent · Kumbakonam
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Dausa
Permanent · Dausa
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Siana
Permanent · Siyana
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Tirupur
Permanent · Tiruppur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kashipur
Permanent · Kashipur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Dibrugarh
Permanent · Dibrugarh
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Aurangabad
Permanent · Aurangabad
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Palitana
Permanent · Palitana
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Rajgir
Permanent · Rajgir
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Gandhidham
Permanent · Gandhidham
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Tirupati
Permanent · Tirupati
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Lonavala
Permanent · Lonavala
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Durgapur
Permanent · Durgapur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Balasinor
Permanent · Balasinor
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Panhala
Permanent · Panhala
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Ranchi
Permanent · Ranchi
By
Reuters
Published
Aug 13, 2009
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Alliance Data to buy Charming Shoppes' credit card ops

By
Reuters
Published
Aug 13, 2009

Aug 13 (Reuters) - Charming Shoppes Inc (CHRS.O) said it agreed to sell its private label credit card program to business services company Alliance Data Systems (ADS.N).


Lane Bryant, a Charming Shoppes brand - Photo: www.lanebryant.com

The companies also entered into a ten-year agreement for the servicing of Charming Shoppes' private label credit card receivables program.

Under the deal, Alliance Data will buy existing accounts and the rights to new accounts and certain other assets of the retailer's brands for a combined $140 million.

Alliance will handle credit card programs, portfolio and securitization master trust of the retailer's brands such as Lane Bryant, Fashion Bug and Catherines, representing $680 million in annual credit sales and $500 million in account receivables.

The securitization master trust will continue to be funded by $290 million of outstanding 2012 term bonds and a combination of existing and potential new conduit commitments, Alliance Data said in a statement.

Alliance Data's bank will also issue certificates of deposits.

"As such, Alliance Data's excess liquidity capacity will remain relatively untouched," the company said.

Alliance Data's Chief Executive Ed Heffernan said he expects the transaction to double the growth rate of core private label business' sales and portfolio to over 20 percent.

Shares of Alliance Data closed at $56.66 Wednesday 12 August on the New York Stock Exchange. Charming Shoppes shares closed at $5.07 on Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Ratul Ray Chaudhuri)

© Thomson Reuters 2022 All rights reserved.