Bassett Furniture and Synchrony Partner on Multi-Year Financing Program

Rhea-AI Summary

Synchrony (NYSE: SYF) has announced a renewed partnership with Bassett Furniture (NASDAQ: BSET) to launch a multi-year financing program. This initiative enables consumers to access promotional financing at Bassett's 92 stores. The program leverages Synchrony's advanced data analytics and technology, enhancing the financing application process and customer experience. As part of the HOME Network™, Bassett will have access to exclusive marketing channels, aiding in customer engagement. This collaboration aims to drive loyalty, growth, and streamline the purchasing path for consumers.

Positive

• Partnership aims to enhance customer experience through advanced data analytics.
• Access to exclusive marketing channels via Synchrony's HOME Network™.
• Streamlined financing application process improves overall consumer engagement.

Negative

• None.

Program Will Launch as Part of Synchrony's HOME Network™

STAMFORD, Conn., Jan. 11, 2023 /PRNewswire/ -- Synchrony (NYSE: SYF), a leading consumer financing company, today announced that they are reestablishing a partnership with Bassett Furniture Industries, Inc. (NASDAQ: BSET) to launch a multi-year financing program. The program provides consumers with payment options that they can use to access promotional financing at any of the company's 92 company- and licensee-owned stores.

"We are committed to putting data at the heart of our partnership." – Curtis Howse, CEO of Home & Auto, Synchrony

"Bassett chose to reestablish a partnership with Synchrony because we value Synchrony's core strengths – customer experience, analytics and marketing leadership," said Mike Daniel, Senior Vice President and Chief Financial Officer, Bassett Furniture. "Synchrony's data analytics and technology enable us to deliver greater buying power and transparency to our consumers wherever they are along their path to purchase."

Bassett's financing program features several Synchrony technology solutions that enhance the customer experience by streamlining and simplifying the financing application process, including prequalification, Direct to Device, and dApply. Synchrony will also regularly share advanced data analytics with Bassett. Receiving insights on valuable customer data like their financing, shopping, and servicing preferences will help Bassett improve the customer experience and drive loyalty and growth.

"We are thrilled to have Bassett Furniture return as a valued Synchrony partner," said Curtis Howse, CEO of Home & Auto, Synchrony. "We look forward to working with them to build customer experiences that move at the pace of customer expectations. A great customer experience is no longer just about speed and ease; it is now also multi-channel, immersive, personalized and data-driven. We are committed to putting data at the heart of our partnership."

The Bassett program will launch as part of Synchrony's HOME Network™ which provides a network of over five million customers across thousands of store locations nationwide. As a HOME Network™ partner, Bassett will have access to exclusive marketing channels and campaigns that enable them to reach those customers.

About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ: BSET), is a leading manufacturer and marketer of high-quality home furnishings. With 92 company- and licensee-owned stores at the time of this release, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett's retail strategy includes stylish, custom-built furniture that features the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also has a traditional wholesale business with more than 700 accounts on the open market, across the United States and internationally. For more information, visit the Company's website at www.bassettfurniture.com. (BSET-E)

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences.  We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.

Contact:
Lauren Devilbiss
240-814-5825
lauren.devilbiss@syf.com

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SOURCE Synchrony

FAQ

What is the partnership between Bassett Furniture and Synchrony about?

The partnership is focused on launching a multi-year financing program that provides consumers with promotional financing options at Bassett's 92 stores.

When was the partnership between Bassett Furniture and Synchrony announced?

The partnership was announced on January 11, 2023.

What financing options are available through the Bassett and Synchrony partnership?

The partnership offers promotional financing options that enhance the customer purchase experience.

How many stores does Bassett Furniture have?

Bassett Furniture has 92 company- and licensee-owned stores.

What benefits does Bassett gain from the Synchrony partnership?

Bassett benefits from advanced data analytics, marketing channels, and an improved customer experience.