Dillard’s (DDS) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Dillard’s, Inc., and its subsidiary Dillard Investment Co., Inc., have entered into a Credit Card Program Agreement with Citibank, which will see Citibank offering co-branded and private label credit cards, and providing customer service and marketing support. This agreement follows the non-renewal of Dillard’s previous agreement with Wells Fargo and entails a Back Book Purchase of existing credit card accounts by Citibank. The program is set to launch in summer 2024, with account conversions in fall 2024, and includes a ten-year term with possible extensions, along with conditions for early termination and options for Dillard’s to purchase the program assets upon termination.
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