Kohl’s completes $1.6 billion credit-card sale to Chase
April 24, 2006-- Home Textiles Today,
Menomonee Falls, Wis. – Kohl’s said it has completed the previously announced sale of its proprietary credit-card business to JPMorgan Chase.
The transaction nets the retailer approximately $1.6 billion in cash, as well as ongoing fees reflecting the performance of the portfolio. Kohl’s reiterated that the bulk of the cash will fund a common stock repurchase plan, store expansion and general operations.