updated 3/6/2006 10:56:33 AM ET 2006-03-06T15:56:33

Kohl's Corp. said Monday it has agreed to sell its private label credit-card accounts to JPMorgan Chase & Co. for approximately $1.5 billion.

The Menomonee Falls-based department-store chain said the total purchase price will be equal to the receivable balances purchased at the closing date.

Kohl's also said it would repurchase $2 billion of its own shares during the next two to three years, but said that would not have an impact on the company's previously announced growth plans.

The firm said it continues to expect to open approximately 500 stores during the next five years, operating more than 1,200 stores by the end of 2010.

"While our customers can continue to expect the same great service they have always received from Kohl's, our strategic alliance with Chase will provide us with additional operational and marketing capabilities to support our continued growth," said Larry Montgomery, Kohl's chairman and chief executive officer.

The transaction is subject to regulatory approval.

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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