Furniture Today,
FORT WORTH, Texas — Pier 1 Imports said it has agreed to sell its private-label credit card business to banking powerhouse Chase in a deal that will bring the retailer about $155 million in cash.


Pier 1 said it would continue to offer its private label card, known as the Pier 1 Preferred Card, through Chase under a long-term marketing and servicing agreement signed by the two entities. The retailer’s portfolio includes approximately $140 million in receivables and almost 1 million active accounts.

The transaction is expected to close during Pier 1’s fiscal third quarter, and is subject to regulatory approval and other customary closing conditions.