Federated Completes Sale of Credit Card Receivables

Share this content:

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.

close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

PAN Communications is an award-winning integrated marketing and public relations agency for B2B technology and healthcare brands. PAN's data-driven approach allows the firm to specialize in public relations, social media, content and influencer marketing, and data and analytics. PAN partners with brands to create unique, integrated campaigns that captivate audiences and drive measurable results. PAN services clients out of the firm's four offices: Boston, San Francisco, New York City and Orlando.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above