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 has acquired Bon-Ton's portfolio of existing private label credit card accounts and the outstanding balances associated with those accounts. Bon-Ton received $316 million in gross proceeds 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.

Featured Video

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT digital edition

See the June 2017 issue of Home & Textiles Today. In this issue, we discuss how U.S, ports are gearing up for the future, and what to expect from second half trade shows. See details!