Household HSBC Watch

Saks reported their quarterly results, and noted in their forward looking statements was this jewel: “…successful operation of the Company’s proprietary credit card strategic alliance with HSBC Bank Nevada, N.A”. The relationship with HSBC Bank Nevada, formerly Household International, was but one of many risks listed in Saks’ forward looking statements. […]

ATLANTA — Saks Fifth Avenue has a new blueprint, and chief executive officer Stephen Sadove is ready to build it. Sadove, presiding over his first shareholders meeting since becoming Saks Inc. CEO in January, said here on Wednesday that the retailer will target a core customer who is 45 to 48 years old, seek […]

HSBC and Household International has two general forms of merchant agreements with vendors. This pertains to your Best Buy credit card, Saks card, and over 60 other merchants. A list is on the bottom of the page. For this one may substitute the term vendor, merchant, and store interchangeably. Once may […]

Wednesday, April 26, 2006 - BOCA RATON — When thousands of dollars in high-end jewelry started disappearing from display cases in Saks Fifth Avenue, Vincent Ognibene was assigned to investigate. Ognibene, an asset protection detective at the store at the Town Center mall, monitored the daily inventory counts and reviewed surveillance tapes, but he […]

CHARLOTTE — Belk, Inc. has entered into an agreement to sell its private label credit card business to GE Consumer Finance, the consumer lending unit of General Electric Company (NYSE: GE). As part of the transaction, Belk and GE Consumer Finance will also enter into a long-term marketing and servicing alliance with an initial […]

THERE’S been some tentative nibbling at the shares of Saks Inc. lately, and if you’ve been reading the press coverage of this long-troubled department store chain, you’ll know the main reason seems to be the departure of R. Brad Martin, the company’s chairman and CEO, a Tennessee statehouse politician-turned real estate developer. In fact, […]

A look back at 2005 shows HSBC Finance Corporation’s merchants for what they really are. Ever wonder why this bumbling group of merchants decided to align their customers with a predatory lender such as Household International? Through questionable credit card processing, first with Household International and now with HSBC Finance Corporation (they […]

Household - HSBC Watch is writing “A Look Back at Merchants in 2005″ - an analysis of how well HSBC Finance Corp merchants are doing now that they aligned their credit card, and their customers, with former predatory lender Household International (HSBC Finance Corp). The bottom line is these poor decision makers are struggling, […]

Watch for the possibility that more of HSBC’s merchants in the apparel industry may report more in a continuing string of losses. Higher fuel prices and less discretionary income, combined with credit cards from a predatory lender, may mean more dismal quarterly reports.

“Payouts under Shea v Household (HSBC) are scheduled for 2006. When […]

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 […]