December 6,2006
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Pier 1 Sells Card To Chase
Last week, Pier 1 Imports, the popular higher-end home furnishings chain, announced that it had completed the sale of its private-label credit cards to Chase for $155 million.
Pier 1's over 1 million accounts and $140 million in credit card assets under Pier 1 National Bank were acquired by Chase, who agreed to provide credit and customer service, as well as special financing to Pier 1 customers. Under the deal, Pier 1 will receive further payments from Chase based on new account generation and other credit related services.