Macy Sells Credit Card Operations: R. H....
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From Times Staff and Wire Reports
Macy Sells Credit Card Operations: R. H. Macy & Co. completed the sale of its card operations to GE Capital Corp., a move that eliminates $1.4 billion of the retailer’s debt load. It earned $100 million from the sale, which reduces Macy’s debt burden to $3.2 billion. A year ago it was $5.2 billion. The credit operations include Macy Credit Corp. and Macy Receivables Funding Corp.
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