Bon-Ton closes credit card sale
Home & Textiles Today Staff -- Home Textiles Today, July 11, 2005
YORK , Pa. -- The Bon-Ton Stores, Inc. has completed the sale of its proprietary credit card business to HSBC Retail Services.
HSBC also acquired the outstanding balances associated with those accounts. Bon-Ton received $316 million representing cash for the account balances outstanding plus a 5 percent premium.
No changes are planned to Bon-Ton's credit card loyalty reward programs.