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Capital One and Best Buy part ways
McLean, Va. -- Capital One Financial Corp. said Tuesday that it will sell off its Best Buy portfolio of private-label and co-branded credit card accounts. Current loan balances total about $7 billion.
The pair is severing their ties earlier than expected – the break-even sale of the portfolio to Citi is expected to finalize in third quarter 2013.
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OfficeMax, Office Depot reportedly discussing merger
New York -- Office Depot and OfficeMax are in talks to merge, according to reports by the Wall Street Journal and Bloomberg.
The retailers are discussing as potential stock swap that would result in a single company with nearly $18 billion in revenue, reports said. The combined company would be better positioned to take on Staples, Walmart and other competitors.