Target suspends effort to sell card portfolio
MINNEAPOLIS - Target Corp. says it is temporarily suspending its efforts to sell the portfolio that handles the balances credit cardholders owe the company, but plans to resume the talks later this year.
The Minneapolis company also said that it will pay about $2.8 billion to Chase Card Services to retire receivables financing from 2008. That payment, along with a premium, is expected to reduce its fourth-quarter earnings by about 8 cents per share.
Target still wants to sell its credit card receivables portfolio, but says it wasn't in its best interests to complete a deal now. APAssociated Press text, photo and/or graphic material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP Materials nor any portion thereof may be stored in a computer except for personal and non-commercial use. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing.
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