First Annapolis Advises Toys“R”Us on New Credit Card Program Agreement with GE Capital Retail Bank
January 31, 2012, STAMFORD, Conn. & WAYNE, N.J.–(BUSINESS WIRE)–GE Capital Retail Bank announced a definitive multi-year agreement to provide the consumer credit card program in the United States and Puerto Rico for Toys“R”Us, the world’s leading dedicated toy and juvenile products retailer. GE Capital’s Retail Finance business, the operating entity that provides financial solutions to retailers to help grow their customer sales, will manage the Toys“R”Us relationship and service the account.
The Toys“R”Us credit card program, which launches in June 2012, will include a private label credit card and a co-branded card, providing qualifying cardholders with benefits and convenience, as well as the opportunity to earn special rewards for purchases made at any one of the 879 Toys“R”Us and Babies“R”Us stores nationwide or online at Toysrus.com. GE Capital’s Retail Finance business works with retailers to provide financial solutions to their end customers that help build the retailer’s business. As part of the deal, GE Capital Retail Bank will also acquire the existing card program assets of approximately $900 million from JP Morgan Chase. Financial terms were not disclosed.
“This portfolio acquisition broadens our U.S. retail credit card programs with a respected retailer. The transaction, which we expect to close in the second quarter of 2012, will build growth for GE Capital in its high performing, core retail finance business. We look forward to working with the Toys“R”Us team,” said Margaret Keane, CEO and president of GE Capital’s Retail Finance business.
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