Nov 12 Zale Corp on Monday said that
Genesis Financial Solutions will provide financing to some of
its customers with low credit scores in a bid to avoid losing
sales to customers turned down by Citibank, which issues the
jeweler's private label credit cards.
About 35 percent of Zale's U.S. sales were financed by
customer credit last fiscal year, according to the company's
annual report. Citibank is part of Citigroup Inc
The financing option from Genesis became available last
month, and is offered at the company's Zales, Zales Outlet and
Genesis is a consumer finance company that offers financing
to customers with near-prime and non-prime credit. Zale will
offer a revolving line of credit via Genesis to select customers
and offer similar repayment terms.
The news was released after Zale shares closed the day up
9.5 percent at $7.50.