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By
Reuters
Published
Nov 17, 2014
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Sears Canada sees its credit card deal with JPMorgan terminated

By
Reuters
Published
Nov 17, 2014

TORONTO, Canada - JPMorgan Chase said on Monday its agreement relating to the Sears Card and Sears MasterCard credit cards in Canada will terminate on the expiration date of Nov. 15, 2015, a setback for the struggling clothing and household goods retailer.

Sears


JPMorgan said it will continue to service the Sears Canada credit card business to at least November 15, 2015 and will have no obligation to do so after such date.

Sears Canada, hit by tough competition, has seen its market share erode for years. The retailer has sold its locations at many of the country's top malls, but it still owns 176 corporate stores and 222 hometown stores, along with other locations in Canada.

Sears and JPMorgan plan to explore a sale of the credit card portfolio to another party. In the event of a sale JPMorgan has agreed to pay Sears Canada up to C$174 million ($153.9 million), under certain circumstances.

1 CAD = 0.564597 GBP

 

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