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November 15, 2009

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Circuit City to sell credit-card business

Tuesday, Jan. 20, 2004 | 9:13 a.m.

Circuit City said today that it is shedding the credit-card operation so it can focus on renovating and relocating aging stores, as well as opening new outlets. In November, the retailer sold a bank-card portfolio to FleetBoston Financial for $1.3 billion.

The upcoming sale "further simplifies the investment picture for Circuit City shareholders and allows us to focus our attention on the needed improvements in our retail business," said W. Alan McCollough, the company's chief executive officer, in a statement.

As part of the deal, Chicago-based Bank One will compensate Circuit City for new credit-card accounts and provide special financing terms for the retailer's customers.

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