MINNEAPOLIS (AP) - Target says it is selling an interest in its credit-card
receivables business to JPMorgan Chase for about $3.6 billion.
The Minneapolis-based discount retailer says the interest represents about
47 percent of the principal amount of Target's outstanding receivables.
The deal is expected to close before the end of the month.
Target says the deal will provide it "significant liquidity" without the
need to access term debt capital markets again this year and will not affect
Target customers.
Target began to review options for its receivables business in September.
The company also says beginning in the first quarter it will report retail
and credit reports in two segments.
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