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Bon-Ton closes credit card sale

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.

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