Levitz to drop GE Capital for Household

Article Abstract:

Levitz, the retail chain that filed for Chapter 11 bankruptcy protection in 1997, has terminated its credit card program with GE Capital Corp. and shifted the program to Household Bank NA. The new agreement is expected to increase liability of Levitz but will also raise the company's earnings potential. Levitz said its credit card financing program with GE Capital, which was supposed to be effective until October 1999, failed to increase the company's earnings due to higher servicing fees and lower credit application approval rates. The agreement with Household Bank calls for Levitz to share with the bank losses of over 15% of the average account balances.

Comment:

Establishes credit card program w/ Levitz Furniture

Commercial Banks, Commercial Banking, Furniture Stores, General Electric Capital Corp., Levitz Furniture Corp., Article, Household Bank N.A.

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Casual producer Tropitone nails down refinancing

Article Abstract:

Tropitone has reached a deal for a $29.6 million refinancing with Catalyst Equity Partners and Fleet Capital. Tropitone is a maker of casual furniture.

Furniture & Fixtures, Furniture and Related Product Manufacturing, Furniture, Fleet Capital Corp., Tropitone Furniture Company Inc. (Irvine, California), Catalyst Equity Partners

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