Wal-Mart to Replace Montgomery Ward Cards
Wal-Mart Stores Inc. said that it has made arrangements to allow Montgomery Ward & Co. credit card holders to replace their cards with Wal-Mart branded cards.Montgomery Ward filed for bankruptcy in December following below average holiday sales causing the retailer to shut down.
The Monogram Credit Card Bank of Georgia, issuer of the Montgomery Ward credit card, began mailing Wal-Mart credit cards to Ward's card holders on Monday. Wal-Mart would not disclose how many Ward's credit card holders would receive the Wal-Mart card.
Since Montgomery Ward closed, retailers have been pursuing the company's business and assets. On Tuesday, Target Corp., a discount retail chain, bought the rights to 35 former Montgomery Ward locations and will open 30 or more new stores on the sites. Sears, Roebuck and Co., is also reportedly examining Montgomery Ward's real estate holdings.
