Target may sell half of card unit
From Times Wire Services
Target Corp., which has been balancing pressure to sell a credit card portfolio that it once pledged to keep, said it was in talks to sell half of its credit card receivables for about $4 billion.
Target did not disclose the potential buyer. It said the proposed transaction was subject to conditions including “acceptable economics at the time of closing.”
A deteriorating economy has made some people worry that Target’s credit card portfolio could suffer, though Target has said it maintains adequate reserves for losses.
