Sears Canada, J.P. Morgan to end credit card agreement in Nov. 2015 - Canada
ChainStoreAge.com - Nov 18th 2014, 09:44
Toronto - J.P. Morgan Chase & Co. will reportedly end its agreement to issue credit cards for Sears Canada when the term expires Nov. 15, 2015.
According to the Wall Street Journal, in the meantime the two companies will explore opportunities to sell the credit card program to a third party, with Sears Canada receiving as much as $154 million if a sale goes through.
The companies did not disclose how many credit cards are part of the program.
This latest setback for struggling Sears Canada comes about a month after parent company Sears Holding said it would sell off most of its 51% ownership stake to shareholders in a rights offering.
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