STAMFORD, CONN. and PETALUMA, CALIF. (October 22, 2013) - GE Capital Retail Bank and Sleep Train, a leading mattress retailer, today announced a multi-year agreement to provide a branded private label credit card program. GE Capital's Retail Finance business, the operating entity that provides financial solutions to retailers and dealers to help grow their customer sales, will manage the relationship and service the account.
The Sleep Train credit card is available for purchases in more than 100 California retail locations. Applications are available at the point of purchase and via www.sleeptrain.com, providing cardholders with extended terms and special financing promotions* on purchases. Sleep Train cardholders can also access and manage their account with a suite of digital tools, including the online Consumer Center and mService, a mobile servicing platform available on iOS, Android, Blackberry and Windows devices.
"Customers looking for the perfect night's sleep will find a wide selection of mattresses and bedroom furniture at Sleep Train stores," said Mike Wilson, Executive VP of Marketing of Sleep Train. "We're pleased to provide GE Capital Retail Bank's financing programs, which further enables them to make the purchases they need and want with convenient monthly payments."
Financing plays an important role for furnishings shoppers, according to the second annual Major Purchase Shopper Study** commissioned by GE Capital's Retail Finance business, which found that 72 percent of all furnishings shoppers find the availability of financing makes larger purchases more affordable, and that the availability of financing drove their choice of retailer for 68 percent of all shoppers surveyed. The study data also confirms that, on average, 80 percent of furnishings shoppers begin their research online.
"Sleep Train is a trusted retailer of mattresses and bedroom furnishings," said James Seger, general manager - Home Furnishings for GE Capital's Retail Finance business. "We are delighted to work with them in providing their customers with a credit card program."
For 80 years, GE Capital has provided billions of dollars in consumer financing through major retailers and more than 200,000 small- and mid-sized businesses throughout the United States. GE Capital is a leading provider of consumer credit in the Furnishings industry for more than 30 years. The company helps merchants build their businesses through consumer financing programs that drive business growth and customer satisfaction, and supports its clients with proprietary online technology, comprehensive training, and retail insights and analytics.
*Subject to approval and availability.
**The 2013 Annual Major Purchase Shopper Study surveyed more than 3,200 shoppers nationwide, comprised of nearly 2,220 GE Capital Retail Bank (GECRB) accountholders and 1,001 random shoppers who recently made a major purchase of $500 or more in 12 segments, including fine jewelry and luxury items.
About Sleep Train
Sleep Train Mattress Centers, an award winning, employee-owned company, is ranked the #1 bedding specialist on the West Coast. Sleep Train offers customers superior service by professional and knowledgeable sleep consultants and the best selection of famous brands, such as Beautyrest®, Sealy®, Posturepedic®, Tempur-Pedic®, Stearns & Foster®, and Serta iComfort®, as well as premium adjustable beds, futons, and wood and metal accent beds at the guaranteed lowest prices. Sleep Train's award-winning Foster Kids Program actively contributes to its community through ongoing donation drives that benefit the area's over 60,000 foster children. Sleep Train is part of the Sleep Train Enterprise that boasts more than 270 locations in the West. Sleep Train is Your Ticket to a Better Night's Sleep®. For more information, please visit www.sleeptrain.com or call 1-800-378-BEDS.
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. We are not just bankers; we help clients build better businesses. 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.
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