Circuit City to Sell Credit Card Unit
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From Associated Press
Circuit City Stores Inc. said it would sell its private-label credit card business to Bank One Corp. for $1.8 billion in cash.
Circuit City said it was shedding the credit card operation so it could focus on renovating and relocating aging stores, as well as opening sites. In November, the retailer sold a bank card portfolio to FleetBoston Financial for $1.3 billion.
Circuit City shares rose 78 cents to $10.35. Bank One shares fell 13 cents to $50.87. Both trade on the NYSE.
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