Sears, Citigroup and Kmart

Business brief/leads

SEARS HOLDINGS CORP.: Citigroup to include Kmart in credit deal
...Citigroup is expanding the scope of its 2-year-old agreement with Sears, Roebuck and Co. to also provide proprietary credit card services, including zero-percent financing, to Kmart cardholders, according to a Securities and Exchange Commission filing. Sears and Kmart merged in March to form Sears Holdings Corp.

The revised deal also increases the amounts that Citigroup will pay to Sears Holdings based on credit card accounts generated and credit sales. Citigroup will also chip in more for marketing support. Kmart is terminating its deal, struck in October 2004, with Household Bank.

Details are being worked out as to whether shoppers can use their cards at both stores. Financial terms have not been disclosed. In July 2003, Sears said it would realize $400 million a year annually from its Citigroup agreement through payments and cost savings


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This page contains a single entry by Seth A. published on May 9, 2005 8:57 AM.

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