Household HSBC Watch

Saks and Bon-Ton both decided to use HSBC (Household International) to finance their in-store credit cards. HSBC Watch speculated almost two years ago that Saks was a troubled merchant. “Often when a merchant aligns themselves with a predatory lender they need every dime of profit, no matter how they get it. Saks […]

Last Modified: 14 Sep 2005 , Source: ITN
Customers are being overcharged by up to £1 million a year for credit through store cards and associated insurance. According to the Competition Commission, interest rates are also between ten and twenty per cent higher than necessary. As a result, cardholders have […]

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 […]

June 20, 2005 — CitiFinancial will close an Owings Mills, Maryland center that handles loan defaults and has about 110 employees. The layoffs - scheduled for the last two weeks of July, according to Maryland Department of Labor, Licensing and Regulation - follow the closing last year of a back-office support center with 116 workers […]

DALLAS (AP) - High-end department store retailer Neiman Marcus Group Inc. said Wednesday it is selling the company’s private-label credit card accounts to British banking firm HSBC Holdings PLC for $527 million. “‘British banking firm’ is the first step in denial for HSBC, as consumers will soon know their accounts are actually serviced by […]

By RIVA D. ATLAS , Published: June 3, 2005
Citigroup said yesterday that it had agreed to acquire the credit card portfolio of Federated Department Stores, continuing a string of acquisitions that Citigroup has made to bolster a business in which it has been struggling to retain market share.
The bank will gain 17 million accounts as […]

March 30, 2005: Saks has been considering the separation of its upscale Saks Fifth Avenue stores from its moderate department store division, retail investment bankers have said. Saks’ stock jumped on Tuesday after retail industry publication Women’s Wear Daily reported that the company is looking for buyers for its 235-unit department store group, with […]

Sandra Derickson, a Household vice chairwoman, claimed Household’s and HSBC’s expertise in U.S. and U.K. private-label store cards paid off this fall when Household acquired British department-store chain Marks & Spencer Group’s credit card business. Saks was credited.

US consumer advocacy organization Household Watch points out that when Saks signed on with Household a Saks press […]

Motley Fool
Sad Saks
Tuesday November 16, 2:22 pm ET
By Seth Jayson
What are the odds that a retailer based in the southern U.S. would blame hurricanes for an unexpected loss last quarter? For those of you who love the old weather excuse, Saks (NYSE: SKS - News) has got you covered.

The Alabama-based retailer — yeah, […]

This letter explains our research and complaint gathering methods.
Open letter:
To Whom It May Concern:

We are an independent research study which solicits information from those who financed purchases from various stores that use HRS (Household Retail Services) as their method of financing.
Specifically, we are gathering factual reported cases from consumers that financed on a 6 […]