Long-term agreement builds growth for GE Capital in core US retail card business
STAMFORD, Conn. and WAYNE, N.J. - January 31, 2012 - GE
Capital Retail Bank today 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.
About Toys"R"Us, Inc.
Toys"R"Us, Inc. is the world's leading dedicated toy and
juvenile products retailer, offering a differentiated
shopping experience through its family of brands. Merchandise
is sold in 879 Toys"R"Us and Babies"R"Us stores in the United
States and Puerto Rico, and in more than 600 international
stores and over 150 licensed stores in 35 countries and
jurisdictions. In addition, it exclusively operates the
legendary FAO Schwarz brand and sells extraordinary toys in
the brand's flagship store on Fifth Avenue in New York City.
With its strong portfolio of e-commerce sites including Toysrus.com, Babiesrus.com, eToys.com and FAO.com, it provides shoppers with
a broad online selection of distinctive toy and baby
products. Headquartered in Wayne, NJ, Toys"R"Us, Inc. employs
approximately 70,000 associates annually worldwide. The
company is committed to serving its communities as a caring
and reputable neighbor through programs dedicated to keeping
kids safe and helping them in times of need. Additional
information about Toys"R"Us, Inc. can be found on
Toysrusinc.com. Follow Toys"R"Us, Babies"R"Us and FAO
Schwarz on Facebook at Facebook.com/Toysrus,
Facebook.com/Babiesrus
and Facebook.com/FAO and on
Twitter at Twitter.com/Toysrus and
Twitter.com/Babiesrus.
About GE Capital's Retail Finance business
GE Capital's Retail Finance business is among the country's
most successful retail lenders, with more than 75 years of
experience in consumer financing. The business, which
originates loans as a unit of GE Capital Retail Bank,
provides customized credit programs to retailers and
consumers in the United States and Canada that help drive
sales. This includes private label and bankcard credit
programs to major national, regional and independent
retailers in the U.S., as well as private label credit
programs, promotional and installment lending, bankcards and
financial services for consumers through dealers;
contractors; manufacturers; healthcare practices; and service
providers across nearly 20 industries. More information can
be found at www.gogecapital.com and twitter.com/GoGECapital.
GE Capital is one of the world's largest providers of credit.
For over one million businesses, large and small, GE Capital
provides financing to purchase, lease and distribute
equipment, as well as capital for real estate and corporate
acquisitions, refinancings and restructurings. For our 100+
million consumer customers, GE Capital offers credit cards,
sales finance programs, home, car and personal loans and
credit insurance. For more information, visit www.gecapital.com or follow
company news via Twitter @ GECapital.
GE (NYSE: GE) works on things that matter. The best people
and the best technologies taking on the toughest challenges.
Finding solutions in energy, health and home, transportation
and finance. Building, powering, moving and curing the world.
Not just imagining. Doing. GE works.www.ge.com.
GE Capital Retail Finance
203-585-6702
dori.abel@ge.com
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