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Non-Tech : Zale Corporation (NYSE:ZLC)

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To: PHILLIP FLOTOW who wrote (6)	7/11/2000 12:40:20 PM
From: PHILLIP FLOTOW	of 7

07/10 4:32P Zale Corp To Sell Private Label Credit Card Ops >ZLC Zale/Associates-2: Sale Also Includes Servicing Facilities DALLAS (Dow Jones)--Zale Corp. (ZLC) agreed to sell its private-label credit card operations to Associates First Capital Corp. (AFS) for an undisclosed sum. The portfolio includes about $620 million million in gross credit card receivables and nearly 840,000 active accounts. In a press release Monday, Zale said Associates will also acquire credit card servicing facilities in San Marcos, Texas; Clearwater, Fla.; Tempe, Ariz.; and San Juan, Puerto Rico. The receivables sale is expected to close by the end of the month, subject to regulatory approval. Zale and Dallas-based Associates also signed a 10-year agreement in which Associates will handle Zale's ongoing credit card business. Company Web site: zalecorp.com -Dorothea Degen; Dow Jones Newswires; They got a good price. PHIL

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