twice connect
careers

Circuit City Sells Its Bankcard Biz

10/27/2003 02:00:00 AM Eastern

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.

PHOTOS
NATM Annual Meeting

Besides the usual business of planning out the

Ultra HD OLED TVs In IFA Spotlight

At IFA, all Ultra HD makers are quickly expanding

Jack Wayman, the Father Of International CES

Tributes continue to pour in for Jack Wayman, who

Nationwide PrimeTime 2014

Scenes from Nationwide PrimeTime buy fair held in