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Magazine > Industry News > News Content

Citibank won't extend Zale credit agreement

12/30/2009 8:39:41 PM

Dallas--Citibank won't be renewing the agreement under which it provides financing for Zale Corp.'s private-label credit cards, a filing with the Securities and Exchange Commission (SEC) shows.

The filing states that on Dec. 22, Zale received written notice from Citibank of its intent not to renew the Merchant Services Agreement dated July 10, 2000. Under the agreement, Citibank provides financing for Zale's U.S. customers to buy merchandise at the store using private-label credit cards.

The filing states that the agreement is scheduled to expire in March 2011, "unless earlier terminated by either party in accordance with its terms."

According to the filing, Zale "has initiated discussions with Citibank and other parties with respect to customer financing arrangements to replace the agreement when it expires."

Zale did not respond to request for comment on the filing.

The chain, which is the largest jewelry retailer in North America by store count, according to National Jeweler's 2009 State of the Majors report, has experienced its share of woes lately.

The SEC began investigating Zale earlier this year after it twice delayed its financial reporting due to accounting irregularities.

Since then, shareholders have filed a class-action suit against the retailer, claiming executives deliberately misled investors.

In addition, same-store sales were down 18.6 percent for Zale in November, despite the retailer's high hopes for strong post-Thanksgiving sales.

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