Household HSBC Watch

JULY 01, 2005 — The Bon-Ton Stores Inc. ,York, Pa., will likely bid on the Northern Department Store Group of Saks Inc., Birmingham, Ala., reports Women’s Wear Daily. Preliminary bids for the stores are due at the end of the week. Bon-Ton will likely team with a private equity firm in the bidding process. The company recently purchased Elder-Beerman in 2003, and the potential purchase of Sak’s Northern Store Group would be the biggest acquisition of its history. Sak’s Northern stores include the Carson Pirie Scott, Bergner’s, Boston Store, Herberger’s and Younkers chains. Other possible bidders for the stores include J.C. Penney and Dillard’s.

Consumer advocates at Household - HSBC Watch, which monitors HSBC and former disgraced predatory lender Household International which is now part of HSBC, said in a statement “You are stuck with questionable credit card operations either way since Bon-Ton and Saks both aligned themselves with Household International through HSBC Retail Services.”