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Circuit City Sells Its Bankcard Biz

Staff -- TWICE, 10/27/2003

RICHMOND, VA. — Circuit City Stores has agreed to sell its bankcard portfolio to FleetBoston Financial for about $1.3 billion. Circuit City estimates the total portfolio, which includes Visa and MasterCard receivables and related cash reserves, totals about $1.5 billion.

Circuit City expects the sale will result in an after-tax loss of about $89 million, compared with its mid-September estimate of $105 million. The retailer anticipates that the net after-tax cash proceeds from the sale will be about $282 million. Closing of the sale, which should be completed by the end of the year, is subject to regulatory approvals.

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