News Release
HSBC Retail Services Acquires Private Label Credit Program for Musician's Friend
14 June 2006
PROSPECT HEIGHTS, Ill. - HSBC - North America (NYSE: HBC) today announced the company's Retail Services unit has acquired the credit receivables and is managing the ongoing credit program of Musician's Friend, along with those of the retailer's boutique brands Musician.com and Giardinelli.
Musician's Friend is one of the world's largest direct marketers of instruments and music gear, selling more than 36,000 products from its Web site and mail order catalog. Musician.com sells instruments and gear for professional musicians, while Giardinelli carries a full line of band and orchestra instruments for students and professionals.
Under the new HSBC credit program, Musician's Friend, Musician.com, and Giardinelli cardholders will benefit from a convenient form of payment, receive sneak previews of the newest product offerings, and enjoy exclusive special financing offers.
Musician's Friend is owned by Guitar Center, the nation's number one retailer of guitars, amplifiers, drums, keyboards, and professional audio equipment products. In July 2005, HSBC extended its long-term agreement with Guitar Center to continue managing the Preferred Player credit card.
About Musician's Friend
One of the world's largest direct marketers of music gear, Musician's Friend sells more than 36,000 products from its online Web site and mail order catalog, including guitars, keyboards, sheet music, books, DJ gear, videos, strings, drums, and recording, lighting, and audio-visual equipment. Musician's Friend was founded in 1983 and was acquired by Guitar Center, Inc. in 1999.
About HSBC Retail Services
HSBC Retail Services is a leading issuer of private label (merchant branded) credit cards in the United States. This business provides flexible, customized credit card solutions for many of the world's premier retailers and manufacturers and has more than 60 active merchant relationships. For more information, visit www.hsbcretailservices.com.
About HSBC - North America
HSBC - North America comprises all of HSBC's U.S. and Canadian businesses, including the former Household businesses. The company's businesses serve nearly 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit: www.hsbcusa.com.
Media Contacts
- Diane Bergan
- Diane.Soucy.Bergan@us.hsbc.com
- HSBC - North America
- 847.564.6761
