Chase Buys Pier 1 Credit Card Business for $155 Million

Buys Pier 1 Credit Card Business for $155 Million

Home furnishings chain Pier 1 Imports announced Wednesday the

sale of its credit card business to Chase for $155 million.

For its money Chase receives about one million active Pier 1

accounts with about $140 million in balances. The Pier 1 Preferred

Card will continue to be offered to customers, and Pier 1 will

receive additional ongoing payments based on credit card sales,

new account generation and other credit-related activities.

to the two companies, Chase will also provide help on customer

marketing initiatives designed to increase Pier 1's retail sales

& profitability, although no details were provided on exactly

transaction has been approved by both companies and is expected