Sears completes sale of credit & financial services operations to JPMorgan Chase Bank
16 Nov '05
4 min read
All of the current features and benefits offered on the Sears Card, such as Sears Club and deferred payment options for big-ticket merchandise, will continue to form part of the ongoing marketing initiatives and will be enhanced by additional product offerings and services.
'Through this strategic alliance, they are confident that their customers will enjoy broader credit and financial product opportunities and continued high levels of services,' said Brent Hollister, President and Chief Executive Officer, Sears Canada Inc.
In conjunction with the sale, the majority of Sears Canada employees engaged in the Credit and Financial Services operations have accepted employment opportunities with JPMorgan Chase.
'They wish to thank their former credit associates for their years of service and dedication to their Company, and look forward to continuing to work with them to provide an exceptional experience for their customers,' added Hollister.
With the sale of its Credit and Financial Services operations now complete, Sears Canada will focus on the profitability of its merchandising operations and related services business.
The Company's previously announced plan to achieve a cost structure that reflects a lean, profitable organization competing with the best of Canadian retailers is underway.
'Exciting day of new opportunities for both Chase and Sears Canada,' said Rich Srednicki, CEO, Chase Card Services.
'Together, they will serve millions of customers and they are committed to providing products and services that their customers most need and want.
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