GE Capital Sales Finance Will Provide Credit For Ashley Furniture Customers
GE Capital Sales Finance, a consumer lending unit of General Electric Company (NYSE:GE), has signed an agreement with Ashley HomeStores, Ltd., to provide consumer financing through more than 420 Ashley Furniture HomeStores. GE Capital’s Sales Finance unit will also acquire the existing $500 million Ashley Furniture HomeStores consumer credit portfolio.
The transaction between GE and Ashley HomeStores has already received customary regulatory approval. Financial terms of the agreement were not disclosed.
The Ashley Furniture HomeStore branded credit card program will launch January 21 during Las Vegas Market. The program will be available for consumer purchases made at Ashley Furniture HomeStores in the U.S. and Puerto Rico.
GE Capital (NYSE:GE) announced that it acquired sales finance portfolios in four core segments, including Home Furnishings, from Citi Retail Partner Cards (NYSE:C) in a $1.6 billion transaction in October, 2010.