The U.S. bank said Monday it has terminated its agreement with the retailer relating to the Sears Card and Sears MasterCard credit cards. The bank will live up to the terms of the original deal until November 15, 2015 but no further.
The two companies said in a release that they will explore a sale of the credit card portfolio to another party. If that happens, JPMorgan has agreed to pay Sears up to $174 million — but there's no guarantee a buyer might emerge.
Sears is in the midst of a turnaround plan that has seen the company close underperforming stores. But there are still 176 Sears stores and more than 220 Sears Hometown stores across Canada.
More to come