Hudson’s Bay announces credit card deal with GE

Toronto Hudson ’s Bay Company will sell its private label credit card business and related financial services assets to GE Money (a Canadian unit of General Electric) for $370 million; GE Money will operate the credit programs in a 10-year alliance that will provide recurring revenue to the retailer.

The Hudson ’s Bay private label credit card program boasts some 3.1 million cardholders.

Hudson ’s Bay president and ceo George Heller said the company “has secured an upfront cash payment that represents a premium over the book value of this asset, in addition to significant on-going annual cash payments. We have also established the opportunity to add an impressive suite of financial products and services to ensure incremental benefits and value to existing and future HBC customers.”

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!