GE Capital Sales Finance, a consumer lending unit of General Electric Company announced an agreement with Ashley HomeStores, Ltd., to provide consumer financing through more than 420 Ashley Furniture HomeStores® nationwide. As part of the multi-year agreement, GE Capital’s Sales Finance unit will also acquire the existing $500 million Ashley Furniture HomeStores consumer credit portfolio. GE expects the transaction, which received customary regulatory approval, to be accretive immediately. Financial terms were not disclosed.
“Being the consumer financing provider for Ashley Furniture HomeStore further reinforces our longstanding commitment to the Home Furnishings industry and Main Street businesses by providing tools retailers need to build their business and serve their customers through financing,” said Glenn Marino, president and CEO of GE Capital Sales Finance. “Ashley Furniture HomeStores and GE Capital Sales Finance are both innovators in creating affordable solutions for customers, and this program provides flexible payment options to maximize their budget and earn their loyalty.”
The Ashley Furniture HomeStore branded credit card program will launch January 21 during Las Vegas Market and will offer Ashley Furniture HomeStore customers affordable monthly payments through deferred interest and extended financing options, cardholder discounts, and online account management. The program will be available for purchases at Ashley Furniture HomeStores in the U.S. and Puerto Rico.
“This credit program is a great fit for us on multiple levels with a partner that knows how to support growing businesses,” said John Disa, president of Ashley HomeStores, Ltd. “GE Capital’s expertise and capabilities will provide a wide range of payment options and market-leading technology solutions to meet the needs of our customers and locally owned and operated Ashley Furniture HomeStores.”
GE Capital Sales Finance provides billions of dollars of consumer financing through more than 200,000 small- and mid-size businesses on Main Streets across the United States. It is the leading provider of consumer credit programs for the Home Furnishings industry, and supports its retail partners with Business Center, an online suite of business and finance program management tools.
In October, 2010, GE Capital announced that it had acquired sales finance portfolios in four core segments, including Home Furnishings, from Citi Retail Partner Cards in a $1.6 billion transaction.
About Ashley Furniture HomeStore: Ashley Furniture HomeStore, the No. 1 retailer of furniture and bedding in the United States, delivers quality, affordable furniture to customers at more than 420 independently owned and operated locations in the United States, Canada, Mexico, Puerto Rico and Japan. Ashley Furniture HomeStore is an exclusive provider of furniture from Ashley Furniture Industries, Inc., the largest furniture manufacturer in the United States. Learn more at www.ashleyfurniturehomestore.com; twitter.com/AshleyHomeStore and www.facebook.com/AshleyFurnitureHomeStore.
About GE Capital Sales Finance: Based in Kettering, Ohio, GE Capital’s Sales Finance business goes to market as GE Money Sales Finance. GE Money is among the country’s oldest and most successful retail lenders, with more than 75 years of experience in consumer financing. It provides credit card programs and financial services for consumers through dealers; national, regional and independent retailers; associations; contractors; manufacturers; healthcare practices; and service providers in nearly 20 industries including: automotive, appliances and consumer electronics, elective health care, floor covering, home design and improvement, home furnishings, jewelry, music, powersports, outdoor power equipment and sporting goods. More information can be found at www.gemoney.com and twitter.com/GEMoneyUS.
GE Capital (NYSE: GE) is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, retail sales finance programs, home, car and personal loans and credit insurance. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).
GE is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com, www.gereports.com and twitter.com/ge_reports.