Bon-Ton Closes Credit Card Sale
July 25, 2005-- Home Textiles Today,
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.