Charming Shoppes Inc. (CHRS) announced the completion of the sale of Charming Shoppes' credit card receivables programs to Alliance Data Systems Corp. The company received net cash proceeds of approximately $136 million related to the transaction.
The company stated that gross proceeds from the transaction were approximately $166 million, of which approximately $30 million was utilized to fund the termination of contractual obligations related to the credit card receivables programs and exit costs.
Alliance Data has assumed the operation of Charming Shoppes' private label credit card programs for its Lane Bryant, Fashion Bug and Catherines brands. Alliance Data will provide private label credit card services including account acquisition and activation; card authorization; private label credit card issuance; statement generation; remittance processing; customer service functions and marketing services, as well as receivables funding.
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