Kohl’s completes $1.6 billion credit-card sale to Chase

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.

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