Target Updates: In Talks on Credit Card Deal
According to a recent SEC Filing, Target Corporation (NYSE:TGT) is in negotiations for the sale of its credit card receivables segment. The deal is expected to be reached by year end. In January this year, Target announced its intentions to sell all of its credit card receivables segment, which totals to $6.7 billion as of October 30, 2010. There are also reports that it is only looking to sell debts it is owed by cardholders. It intends to keep control of the credit card operations. [1]
Target recently promoted Casey Carl to oversee Target.com, which was recently launched in August. (See our previous post: Target Launches New Website to Drive Online Sales) In his new role, Carl will oversee all digital platforms, including Target.com, mobile, social media, and apps on tablets and smartphone devices. The August roll out has not been a smooth one for the company. It suffered two major crashes, including during the release of the Missoni for Target apparel line in mid-September. [2]
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Notes:- Target in talks on credit card receivable deal, Reuters [↩]
- Target hires new chief for its fledgling website, Business Journal [↩]