Synchrony Financial and hhgregg Extend Consumer Financing Program Agreement
Private label hhgregg credit card program to continue under
multi-year agreement
STAMFORD, Conn. & INDIANAPOLIS–(BUSINESS WIRE)–Synchrony Financial (NYSE:SYF),
a premier consumer financial services company with more than 80 years of
heritage, today announced a multi-year renewal of its program to provide
consumer financing for hhgregg,
a leading specialty retailer of home appliances, televisions, computers
and tablets, consumer electronics, home furnishings, mattresses and
related services.
Synchrony Financial has provided a consumer financing program for
hhgregg through the hhgregg
Credit Card for more than 17 years. Qualifying cardholders can
continue to access special financing offers, special in-store and online
deals, convenient online bill pay and other exclusive benefits1
with an hhgregg credit card for use in 220 hhgregg stores in 19 states,
and online at hhgregg.com.
“The hhgregg credit card program has been a key component of our
customer experience,” said Kevin Kovacs, CFO, hhgregg, “Our customers
appreciate the flexible and convenient payment options that allow them
to get the quality products they want and need. We look forward to
working with Synchrony Financial for many more years to come.”
A recent study2 conducted on behalf of Synchrony Financial by
a third party underscores the importance of financing when making major
purchases valued at $500+. Eighty-two percent of Synchrony Bank
cardholders surveyed said they always seek promotional financing options
when making a major appliance purchase, and 92% of cardholders surveyed
said promotional financing makes their large appliance purchases more
affordable.
“We share hhgregg’s passion for superior customer service and industry
expertise,” said Glenn Marino, executive vice president and CEO, Payment
Solutions, Synchrony Financial. “Financing is an important factor in
purchasing decisions, and we look forward to continuing to work with
this great partner to support its business objectives.”
1Subject to terms and conditions.
2Synchrony Financial’s Fifth Annual Major Purchase Consumer
Study, conducted June-July 2016 by a third party, reflects the
experience of shoppers surveyed making or planning to make a purchase
valued at $500+.
About hhgregg
Founded in 1955, Indianapolis-based hhgregg is a multi-regional retailer
with 220 brick-and-mortar stores in 19 states. hhgregg’s product
assortment includes market-leading brands in home appliances, consumer
electronics and furniture. The retailer’s online presence (hhgregg.com)
gives consumers nationwide access to global and local lifestyle and home
products.
About Synchrony Financial
Synchrony Financial (NYSE: SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables.* We provide a range
of credit products through programs we have established with a diverse
group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
350,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial offers private label and co-branded Dual Card™
credit cards, promotional financing and installment lending, loyalty
programs and FDIC-insured savings products through Synchrony Bank. More
information can be found at www.synchronyfinancial.com,
facebook.com/SynchronyFinancial,
www.linkedin.com/company/synchrony-financial
and twitter.com/SYFNews.
*Source: The Nilson Report (May 2016, Issue # 1087) – based
on 2015 data.
©2016 Synchrony Bank/Synchrony Financial, All rights reserved.
Contacts
For Synchrony Financial
855-791-8007
media.relations@synchronyfinancial.com
or
For
hhgregg
Lance Peterson, 317-848-8710
investorrelations@hhgregg.com.
