The Kettering location is the company’s largest site in the United States, company officials have said.
Following the warning on Tuesday, Synchrony shares were down by 14 percent by the end of the day. The news also hit other credit card companies, with Discover Financial Services down around 3 percent and Capital One Financial falling around 5 percent, according to the Wall Street Journal.
Synchrony officials told analysts the problem with defaults could go beyond their company. Consumers seem to have generally suffered a decline in their ability to pay debts, they said, possibly because they have taken on more auto and student loans, the Wall Street Journal reported.
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Today, Synchrony’s stock was trading at $27.11 a share at noon, up from $26.59 at the beginning of trading but down from $30.45 Tuesday morning.
Synchrony oversees "private label" credit cards for some 300,000 merchant and retail businesses in some 400,000 locations, companies like H.H. Gregg, Walmart, Amazon and your local Morris Furniture and Tire Discounters dealers, among many others.
When a shopper buys, say, a TV at H.H. Gregg and finances that purchase with an H.H. Gregg credit card, Synchrony is involved.
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