Credit Store Clarifies Prior Announcement Regarding Burke Resignation.Business Editors SIOUX FALLS Sioux Falls, city (1990 pop. 100,814), seat of Minnehaha co., SE S.Dak., on the Big Sioux River; settled 1856, inc. as a village 1877, as a city 1883. Settlers abandoned the site in 1862 because of Native American raids, but with the establishment (1865) of Fort , S.D.--(BUSINESS WIRE)--Sept. 27, 2000 The Credit Store, Inc. (AMEX AMEX See: American Stock Exchange :CDS) previously announced the resignation of Martin J. Burke, III as its Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Burke's resignation was the result of differences between Mr. Burke and the Board of Directors. This announcement is intended to clarify a press release of September 22, 2000. The Credit Store, Inc. is a technology based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company that provides unsecured credit card products to consumers who may otherwise fail to qualify for a traditional unsecured bank credit card. The company reaches consumers by acquiring portfolios of non-performing consumer receivables and offering a new credit card to those consumers who agree to pay all or a portion of the outstanding amount due on their debt. The new card is issued with an initial balance and credit line equal to the agreed repayment amount. After appropriate seasoning, the company seeks to sell or securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. the credit card receivables generated by this business strategy. |
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