Federated Completes Sale of Credit Card Receivables

Share this article:

Federated Department Stores Inc. July 17 said it has completed the final in a series of transactions in its planned sale of Federated and May Company credit card receivables to Citigroup.

The transaction completed included the remainder of the May Company portfolio. The sale yielded total proceeds of approximately $1 billion.

Federated, Cincinnati, has now completed the sale of all Federated  and May Co. customer credit receivables, which in total have produced proceeds of approximately $4.6 billion.

Federated's Financial, Administrative and Credit Services (FACS) division, headquartered in suburban Cincinnati, will continue to manage key customer service functions.

No job losses are expected as a result of the transactions. Also, no changes are planned to Federated's loyalty reward programs, and customers can continue to use their cards in the same manner.

Share this article:
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Generating Loyalty for Brands and Retailers in an Omnichannel World

Generating Loyalty for Brands and Retailers in an ...

Harnessing personas, loyalty programs, and new technologies can help marketers better connect with customers.

News Byte: Salesforce Forms Unit to Focus on Verticals

News Byte: Salesforce Forms Unit to Focus on ...

The industries business unit, led by ex-White House CIO Vivek Kundra, will serve six industry groupings.

Columbia U. Puts the "Do" in "Donation"

Columbia U. Puts the "Do" in "Donation"

Columbia University raises nearly $7 million in donations in just 24 hours with a combination of social media, live events, and gamification.