Ashley Furniture Homestores Launches GE Credit Program

January 17, 2011  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on January 18, 2011

Ashley Furniture Homestores will launch a consumer financing program with GE Capital Sales Finance at the furniture retail network's 420-plus stores nationwide.

As part of the multi-year agreement, GE Capital's Sales Finance unit also will 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 Jan. 21 during Las Vegas Furniture 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. "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.

Based in Kettering, Ohio, GE Capitals Sales Finance is a consumer lending unit of General Electric Company (NYSE: GE).