By Staff -- Home Textiles Today, 5/2/2006 1:30:00 PM
Cincinnati – Federated Department Stores has completed a second transaction related to its previously announced sale of Federated and May Department Stores credit-card receivables to Citigroup.
Today's transaction yielded a pre-tax gain of approximately $179 million, which will be used to repay short-term debt associated with Federated's acquisition of May. When completed, the associated transactions with Citigroup are expected to produce after-tax proceeds of approximately $4.6 billion.
The next major component is expected to close prior to Aug. 30, when Federated will sell to Citigroup the May Co. credit portfolio, which included approximately $1.8 billion in receivables on Jan. 28. No changes are planned to Federated's loyalty reward programs, and the company will continue to manage key customer-service functions.
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