The Bon-Ton Stores Inc. has agreed to sell its private label credit card portfolio to Alliance Data Systems Corp.
The purchase price for the transaction was not disclosed, but Alliance said that the existing file of private label credit card accounts has a portfolio value of $475 million. Alliance previously said it will manage the private label credit card program for Bon-Ton.
The transaction is expected to close in the third quarter of 2012.
Brendan Hoffman, president and chief executive officer of The Bon-Ton Stores, said, “Working with Alliance Data, we’re confident we can deliver additional value to our customers through our credit program. We look forward to collaborating with Alliance Data to help shape this program into an even greater driver of growth for our business.”