STAMFORD, CT and EDEN PRARIE, MN – January 27, 2012 — GE Capital Retail Bank, a consumer lending unit of General Electric Company (NYSE: GE), and ShopNBC (NASDAQ: VVTV), a multichannel electronic retailer reaching 80 million cable and satellite homes, announced today the renewal of a multi-year agreement to continue providing the ShopNBC consumer credit card program to their customers.
ShopNBC offers customers a unique variety of must-have products, informative guest experts and entertaining content across TV, Internet, social and mobile platforms. GE Capital Retail Bank and ShopNBC initially launched the credit card program in 2006. Since the introduction, a number of enhancements have been implemented providing ShopNBC account holders added benefits, including free shipping promotions, flexible payment options and deferred interest periods for qualifying purchases.
“We are pleased with the renewal of our consumer credit card program,” said ShopNBC EVP & CFO Bill McGrath. “GE Capital Retail Bank has a strong understanding of our business, which has helped to shape the program over the last six years. They have been a great partner in helping provide our customers an engaging, shop-with-confidence experience that keeps them coming back again and again.
“Continuing our relationship with ShopNBC supports our commitment to provide solutions that customers value and provides our clients with a competitive advantage,” said Margaret Keane, CEO and president of GE Capital’s Retail Finance business.
About ValueVision Media/ShopNBC
ValueVision Media, Inc. operates ShopNBC, a multichannel electronic retailer that enables customers to interact and shop via TV, Internet, mobile devices, Facebook, Twitter and YouTube. The ShopNBC television network reaches over 80 million cable and satellite homes, in addition to live nationwide streaming at www.shopnbc.com and iPhone and Android devices. ShopNBC merchandise is focused on Home & Consumer Electronics, Health & Beauty, Fashion & Accessories, and Jewelry & Watches. Net sales for the past 12 months were approximately $590 million, 45% of which was via the Internet or mobile. Please visit the company's investor relations website at www.shopnbc.com/ir for this and other company information.
About GE Capital’s Retail Finance business
GE Capital’s Retail Finance business is among the country’s most successful retail lenders, with more than 75 years of experience in consumer financing. The business, which originates loans as a unit of GE Capital Retail Bank, provides customized credit programs to retailers and consumers in the United States and Canada that help drive sales. This includes private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers across nearly 20 industries. More information can be found at www.gogecapital.com and twitter.com/GoGECapital.
GE Capital is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance. For more information, visit www.gecapital.com or follow company news via Twitter @GECapital.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.