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Daily News

Sears Gets Approval for Credit Card Sale
Oct 17, 2003
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Sears, Roebuck and Co., the largest U.S. department store chain, said it received regulatory approval for the sale of its credit card accounts to an affiliate of Citigroup Inc.

Sears also said it would commence tender offers to buy U.S. $11.8 billion of debt securities for cash.

The retailer said proceeds from the credit sale will be used mainly to pay down debt, return cash to shareholders, and for general corporate purposes.

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