EDEN PRAIRIE, Minn.--(EON: Enhanced Online News)--Bluestem Brands, Inc. announced that it has entered into a seven year agreement with Santander Consumer USA (SCUSA) and WebBank with respect to the private label credit program for its Fingerhut and Gettington.com brands. Under the agreement, SCUSA will purchase new and existing revolving credit receivables from Bluestem Brands. WebBank will continue to make installment and revolving credit accounts available to Bluestem Brands, Inc.’s customers for the financing of merchandise from Bluestem Brands.
“Our customers are our primary focus at Bluestem Brands, so we are pleased to establish a program that will be seamless to them while expanding our financial flexibility and allowing us to maintain a high level of customer satisfaction”
“This agreement enhances our ability to make retail credit programs available to our customers and secures long-term funding for future growth in our retail business. In addition, with the ongoing sale of the receivables to SCUSA, our liquidity position will improve materially, especially during our peak holiday season. We are pleased to work with both WebBank and SCUSA and we look forward to long-lasting partnerships,” said Mark Wagener, Executive Vice President and Chief Financial Officer of Bluestem Brands.
“Our customers are our primary focus at Bluestem Brands, so we are pleased to establish a program that will be seamless to them while expanding our financial flexibility and allowing us to maintain a high level of customer satisfaction,” continued Wagener.
About Bluestem Brands, Inc.
Bluestem Brands, Inc. is a multi-brand, online retailer of a broad selection of name brand and private label general merchandise serving low-to-middle income consumers nationwide. The company operates the Fingerhut, Gettington.com and PayCheck Direct brands. Complementing each brand is a large selection of merchandise with a variety of payment options to provide customers with the flexibility of paying over time. Major investors in the company include Bain Capital Ventures and Battery Ventures. Bluestem Brands, Inc. is headquartered in Eden Prairie, Minnesota.