Citigroup has signed a deal to continue issuing private-label credit cards for Sears Holdings Corp. and its brands, including Kmart and Lands' End, the companies said on Tuesday.
The contract renewal comes as Citigroup is reassuring its retailer partners that it wants to keep their business. The bank put its private-label credit card operation up for sale in 2009, but did not find a buyer willing to pay the price it wanted.
Earlier this month, Citigroup officially took the unit off the block and said it was recommitted to issuing store cards.
The bank has issued credit cards on behalf of Sears since 2003, according to the release.
The Sears credit card attracts "some of our most loyal customers," Jai Holtz, Sears Holdings vice president of financial services, said in the release.
Citigroup also runs credit card programs for Home Depot USA, Macy's and its Bloomingdale's division, and gasoline retailers Exxon Mobil Corp. and ConocoPhillips Co