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... Saw this on the news this morning.. Well, I guess CapOne is better than Sychrony buying the CC division - since they seem a little bit more stable lately!
Yep.
From the Pittsburgh Post Gazette.
Capital One will take over running Cabela’s credit card unit as part of the deal, which is backed by $1.8 billion in financing from Goldman Sachs and another $600 million from private equity fund Pamplona Capital.
That's interesting because isn't Bass Pro Credit Card with Bank of America right now?
@Creditaddict wrote:That's interesting because isn't Bass Pro Credit Card with Bank of America right now?
Ya strange as you would think they would of wanted the whole portfolio.. Maybe UW of cabella's wasn't up to bofa UW standards? Or possibly it just went to the highest bidder
Looks definite for CapOne. This is from Fortune Magazine this morning:
http://fortune.com/2016/10/03/cabelas-bass-pro-shops/?iid=leftrail
"Fishing and hunting equipment chain Cabela’s said it agreed to be bought by rival Bass Pro Shops in a deal valued at $5.5 billion...In connection with the deal, Cabela’s agreed to sell its credit card operations to Capital One Financial."
Cap-1 and Cabella's specifics:
I hate this for all those World's Foremost Bank employees, as there's not a great deal of choices in their small communities to move on in a career. And you KNOW there will be layoffs for some Cabela's employees once they start eliminating some stores. Elliott is the new Wolf Of Wall Street. Sorry, I know it's just business, but I'll bet Cabela's wishes they'd employed other strategies than ever to have let go of the majority shares in the company. Perhaps selling off WFB themselves some years ago. They could be buying Bass Pro about now. Sad times and I feel for them, especially coming up on Thanksgiving and Christmas. There are few things worst in your home finances than to be worried if you'll have a job in the New Year. Spare a thought for these people and their families. End of an era.