Target sells its stake in claims by credit card at JPMorgan
Thursday, March 6, 2008 | | |MINNEAPOLIS - Target Corp. said it was selling a stake in its credit card receivables business to JPMorgan Chase for about $ 3.6 billion. ADVERTISING The Minneapolis-based discount retailer said the interest represents about 47 percent of the principal amount of the target's outstanding receivables. The agreement should be concluded before the end of the month. Target said the agreement will provide "significant liquidity", without the need for access to term debt capital markets again this year, and will not affect customers targets. Public began to explore options for its credit business in September. The company also said from the first quarter it will report retail and credit reports in two parts | ||||
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