Sears Evaluating Bids for its Credit Unit

According to an article by Robin Sidel in a recent Wall Street Journal, Sears, Roebuck & Co. is evaluating initial offers for its credit-card business. Sears has provided prospective bidders with detailed, confidential information on its financing subsidiary. It is the nation's eighth largest credit-card portfolio. Currently, the first-round bids are in. Those familiar with the industry view Citigroup, Inc. and General Electric Co. as likely bidders. Observers expect a deal to be finalized during the third quarter of this year. Estimates of the winning bid range from $4 billion to $7 billion.