Kmart Holding Corp., citing a strong balance sheet and liquidity, said on December 29,2004 it plans to terminate an $800 million credit facility with General Electric Capital Corp. K-Mart plans to merge with Sears.
In November 2004, just before the announced merger with Sears, K-Mart announced that troubled predatory lender Household International would service the K-Mart credit card. Since then Household International changed its name to HSBC Credit Corporation.
Watch for the rest of the story, as Paul Harvey would say, in the termination of GE Capital Credit. Historically, as pointed out by Household - HSBC Watch, “troubled companies that need every penny will swap reputation for profit and dump GE for Household - HSBC.”
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