MINNEAPOLIS – Target Corp. says it is temporarily suspending its efforts to sell the portfolio that handles the balances credit cardholders owe the company, but plans to resume the talks later this year.
The Minneapolis company also said that it will pay about $2.8 billion to Chase Card Services to retire receivables financing from 2008. That payment, along with a premium, is expected to reduce its fourth-quarter earnings by about 8 cents per share.
Target still wants to sell its credit card receivables portfolio, but says it wasn’t in its best interests to complete a deal now. AP
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