Blair & Alliance Data Systems unity to include acquisition of Blair credit portfolio
26 May '05
5 min read
women's & men's apparel seller blair corporation entered into agreement with alliance data systems for credit portfolio.
the program to help $500 million catalog and web retailer improve incremental sales and customer loyalty
agreement to include acquisition of blair credit portfolio
blair corporation and alliance data systems corp stated they have reached a definitive purchase and sale agreement whereby alliance's industrial bank subsidiary will purchase blair's private label credit portfolio and will, under a 10-year agreement, provide a fully integrated private label credit program for blair's catalog and web brands including blair and irvine park.
with sales of approximately $500 million, blair is ranked among the nation's top 10 apparel catalog retailers and has been in business nearly 100 years. through its blair and irvine park brands, the multi-channel retailer sells quality men's and women's business and casual fashion attire, and home accessories, while focusing on delivering high value and superior customer service to its customers.
under terms of the purchase and sale agreement, alliance's industrial bank subsidiary will acquire blair's private label credit portfolio, which currently consists of over 800,000 statemented accounts each month and generates in excess of $200 million in annual credit sales. total consideration will be based upon a price equal to the balance of the consumer credit portfolio plus a premium. as of march 31, 2005, blair's consumer receivables balance was $166.3 million. total consideration will be approximately $176.3 million. the transaction has been approved by both companies and is expected to close during the fourth quarter of 2005, subject to regulatory review and approval, and customary closing conditions.
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