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Deficient management leads INDITEX on the verge of fail
BUCHAREST,
ROMANIA - Zara wants to cover losses from theft with employees’
money.
The management, theft and losses give headaches to the Spanish
group INDITEX, the owner of the ZARA chain. Only 10 months before, on
July 25th, 2011, the publication Ziarul Financiar
announced the fact that “INDITEX takes the manager from the
Douglas perfumeries” pointing at Paul Cuza, who previously had
the function of General Manager for Parfumerie Douglas SRL.
Currently, the Romanian INDITEX group performs salary and structural
changes without precedent, which the management team from Bucharest doesn’t want to explain.
The problem of the clothes theft is a known phenomenon, especially
when it comes to expensive brands such as ZARA or Massimo Dutti. The
phenomenon was publicly recognized even by the management of the
INDITEX Group Romania, two years before. Probably worried by this
fact, Mihai Cioltea, the development manager of the INDITEX Group
from Romania, also named by the press as “the Zara man”,
stated in 2010 for the economic website InCont the following: “They
steal a lot. Only for the stores in Bucharest we have 10 cases of
stealing per day, which we discover and, depending on the severity,
we call the police”.[...]
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 15, 1999
Travelers Bank Credit Card Master Trust I
Delaware 333-40381 52-2069082
---------------------------------------------------------------------
State of other (Commission File Number) (IRS Employer
jurisdiction of incorporation Identification No)
Suite 300B
100 Commerce Drive
Newark, Delaware 19713
---------------------------------------------------------------------
(302) 451-6456
--------------
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TRAVELERS BANK CREDIT CARD MASTER TRUST I
CURRENT REPORT ON FORM 8-K
The Form 8-K of Travelers Bank Credit Card Master Trust I originally
filed with the Securities and Exchange Commmission on February 16, 1999 is
hereby amended and restated in its entirety as follows:
ITEM 5. OTHER EVENTS.
Information relating to (i) the distributions to Certificateholders for the
February 15, 1999 Distribution date in respect of the Class A 6.00%
Asset-Backed Certificates, Series 1998-1 Issued by Travelers Bank Credit Card
Master Trust I and (ii) the performance of Travelers Bank Credit Card Master
Trust I and (iii) certain other information relating to the Class A 6.00%
Asset Backed Certificates, Series 1998-1 is contained in the Monthly Report
provided to Certificateholders pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement") dated as of March 1, 1998
among CC Credit Card Corporation, as Transferor, Travelers Bank & Trust fsb,
as Servicer and the Bank of New York as Trustee. Capitalized terms used
herein but not otherwise defined shall have the meanings ascribed to them in
the Pooling and Servicing Agreement.
ITEM 7. FINANCIAL STATEMENT, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
EXHIBITS
Exhibit Number Exhibit Description
-------------- -------------------
20.1 Monthly report relating to the February 15, 1999
Distribution Date in respect of the Class A.6.00%
Asset-Backed Certificates, Series 1998-1 issued by
Travelers Bank Credit Card Master Trust I.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized
Dated: March 25, 1999 TRAVELERS BANK CREDIT CARD MASTER TRUST I
By: TRAVELERS BANK & TRUST,
FSB,
AS SERVICER
By: /s/ John J. Rosko
----------------------------
Name: John J. Rosko
Title: Vice President
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INDEX OF EXHIBITS
Exhibit Number Exhibit Description
-------------- -------------------
20.1 Monthly Report relating to the February 15, 1999
Distribution Date in respect of the Class A 6.00%
Asset-Backed Certificates, Series 1998-1 issued by
Travelers Bank Credit Card Master Trust I.
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MONTHLY CERTIFICATEHOLDER'S STATEMENT SERIES 1998-1
TRAVELERS BANK & TRUST, FSB
TRAVELERS BANK CREDIT CARD MASTER TRUST I
MONTHLY PERIOD ENDING 1/31/99
The information which is required to be prepared with respect to this
Distribution Date the 15th of February, 1999 and with respect to the
performance of the trust during the month of January, 1999 is set forth below.
Capitalized terms used in this statement have their respective meanings set
forth in the Pooling and Servicing Agreement
A. Information Regarding the Current Monthly Distribution to Certificate
holders (Stated on the Basis of $1,000 Original Certificate Principal
Amount)
1. The amount of distribution in respect of Class A Monthly Principal $0.00
2. The amount of distribution in respect of Class B Monthly Principal $0.00
3. The amount of distribution in respect of Class C Monthly Principal $0.00
4. The amount of the distribution in respect of Class A Monthly Interest $5.00
5. The amount of distribution in respect of any accrued and unpaid Class A
Monthly Interest. $0.00
6. The amount of distribution in respect of Class A Additional Interest $0.00
7. The Amount of distribution in respect of any accrued and unpaid Class B $0.00
Monthly Interest
8. The amount of distribution in respect of any accrued and unpaid Class B $0.00
Monthly Interest
9. The amount of distribution in respect of Class B Additional Interest $0.00
10. The amount of the distribution in respect of Class C Monthly Interest $0.00
11. The amount of distribution in respect of any accrued and unpaid Class C
Monthly Interest $0.00
12. The amount of distribution in respect of Class C Additional Interest $0.00
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1. PRINCIPAL RECEIVABLES
---------------------
(a) The aggregate amount of Collections of Principal Receivables processed
during the related Monthly Period, which were allocable in respect of
Class A Certificates. $ 57,581,451.22
(b) The aggregate amount of Collections of Principal Receivables processed
during the related Monthly Period, which, were allocable in respect of
Class B Certificates $ 3,167,104.51
(c) The aggregate amount of Collections of Principal Receivables processed
during the related. Monthly Period, which were allocable in respect
of Class C Certificates $ 2,452,220.02
2. PRINCIPAL RECEIVABLES IN THE TRUST
----------------------------------
(a) The aggregate amount of Principal Receivables in the Trust as of the
and of the day on the last day of the Monthly Period $317,077,604.88
(b) The amount of Principal Receivables in the Trust represented by the
Investor Interest of Series 1998-1 as of the end of the day on the
last day of the Monthly Period $250,000,000.00
(c) The amount of Principal Receivables in the Trust represented by the
Class A Investor Interest of Series 1998-1 as of the end of the day on
the last day of the Monthly Period $227,500,000.00
(d) The amount of Principal Receivables in the Trust represented by the
Class B Investor Interest of Series 1998-1 as of the end of the last
day of the Monthly Period $ 12,500,000.00
(e) The amount of Principal Receivables in the Trust represented by the
Class C Investor Interest of Series 1998-1 as of the end of the day on
the last day of the Monthly Period $ 10,211,930.63
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(f) The Floating Investor Percentage with respect to the Monthly Period 76.03%
(g) The Class A Floating Investor percentage with respect to the Monthly
Period 69.27%
(h) The Class B Floating Investor Percentage with the respect to the
Monthly Period 3.81%
(i) The Class C Floating Investor Percentage with respect to the Monthly
Period 2.95%
(j) The Principal Investor Percentage with respect to the Monthly Period. 76.03%
(k) The Class A Principal Investor Percentage with respect to the Monthly
Period 69.27%
(l) The Class B Principal Investor Percentage with respect to the Monthly
Period 3.81%
(m) The Class C Principal Investor Percentage with respect to the Monthly
Period 2.95%
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3. DELINQUENT BALANCES
The aggregate amount of outstanding balances in the Accounts which were
delinquent as of the end of the last day of the related Monthly Period.
Percentage of Aggregate
Total Receivables Balance
----------------- -------------
(a) 31-60 days .54% $1,739,140.24
(b) 61-60 days .32% $1,024,664.19
(c) 91-120 days .27% $ 871.684.40
(d) Over 120 days .34% $1,097,840.95
----------------- -------------
Total 1.47% $4,733.329.78
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4. INVESTOR DEFAULT AMOUNT
-----------------------
(a) The Aggregate Investor Default Amount for the related Monthly Period $1,013,469.85
(b) The Class A Investor Default Amount for the related Monthly Period $ 923,359.94
(c) The Class B Investor Default Amount for the related Monthly Period $ 50,786.80
(d) The Class C Investor Default Amount for the related Monthly Period $ 39,323.11
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5. INVESTOR CHARGE-OFFS
--------------------
(a) The aggregate amount of Class A Investor Charge-Offs for the related
Monthly Period $ 0.00
(b) The aggregate amount of Class A Investor Charge-Offs set forth in 5
(a) above per $1,000 of original certificate principal amount $ 0.00
(c) The aggregate amount of Class B Investor Charge-Offs for the related
Monthly Period $ 0.00
(d) The aggregate amount of Class B Investor Charge-Offs set forth in 5
(a) above per $1,000 of original certificate principal amount $ 0.00
(e) The aggregate amount of Class C Investor Charge-Offs for the related
Monthly Period $ 0.00
(f) The aggregate amount of Class C Investor Charge-Offs set forth in 5
(a) above per $1,000 of original certificate principal amount $ 0.00
(g) The aggregate amount of Class A Investor Charge-Offs reimbursed on the
Distribution Date $ 0.00
(h) The aggregate amount of Class A Investor Charge-Offs set forth in 5
(g) above per $1,000 original certificate principal amount $ 0.00
(i) The aggregate amount of Class B Investor Charge-Offs reimbursed on the
Distribution Date $ 0.00
(j) The aggregate amount of Class B Investor Charge-Offs set forth in 5
(g) above per $1,000 original certificate principal amount $ 0.00
(k) The aggregate amount of Class C Investor Charge-Offs reimbursed on the
Distribution Data $301,114.11
(l) The aggregate amount of Class C Investor Charge-Offs set forth in 5
(g) above per $1,000 original certificate principal amount. $ 51.30
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6. INVESTOR SERVICING FEE
----------------------
(a) The amount of the Class A Servicing Fee payable by the Trust to the
Servicer for the related Monthly Period $ 379,166.67
(b) The amount of the Class B Servicing Fee payable by the Trust to the
Servicer for the related Monthly Period $ 20,833.33
(c) The amount of the Class C Servicing Fee payable by the Trust to the
Servicer for the related Monthly Period $ 32,831.48
7. REALLOCATIONS
-------------
(a) The amount of Reallocated Class C Principal Collections with respect
to this Distribution Date $ 0.00
(b) The amount of Reallocated Class B Principal Collections with respect
to this Distribution Date $ 0.00
(c) The Class C Investor Interest as of the close of business on this
Distribution Date $10,000,000.00
(d) The Class B Investor Interest as of the close of business on this
Distribution Date $12,500,000.00
8. PRINCIPAL FUNDING ACCOUNT
-------------------------
(a) The principal amount on deposit in the Principal Funding Account on
this Distribution Date (prior to withdrawals) $ 0.00
(b) The Deficit Controlled Accumulation Amount for the related Monthly
Period $ 0.00
(c) The Principal Funding Account Investment Proceeds deposited in the
Collections Account to be treated as Class A Available Funds $ 0.00
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9. AVAILABLE FUNDS
---------------
(a) The amount of Class A Available Funds on deposit in the Collections
Account for this Distribution Date $2,923,456.68
(b) The amount of Class B Available Funds on deposit in the Collections
Account for this Distribution Date $ 160,796.45
(c) The amount of Class C Available Funds on deposit in the Collections
Account for this Distribution Date $ 124,501.19
10. PORTFOLIO YIELD
---------------
(a) The Net Portfolio Yield for the related Monthly Period 10.53%
(b) The Base Rate for the related Monthly Period 7.46%
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TRAVELERS BANK & TRUST, FSB
Servicer
By: /s/ John J. Rosko
-----------------------------
Name: John J. Rosko
Title: Vice President
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SCHEDULE TO MONTHLY SERVICER'S CERTIFICATE
SERIES 1998-1
TRAVELERS BANK & TRUST, FSB
TRAVELERS BANK CREDIT CARD MASTER TRUST I
MONTHLY PERIOD ENDING 1/31/99
1. The Aggregate amount of the Investor Percentage of Collections of Principal
Receivables (net of Discount Option Collections) $63,200,775.75
2. The aggregate amount of the Investor Percentage of Collections of Finance
Charge Receivables (including Annual Membership Fees, Late Fees, Cash
Advance Fees and Other Fees) $ 2,246,305.96
3. The aggregate amount of the Investor Percentage of Discount Option
Collections $ 962,448.36
4. The aggregate amount of funds allocable to Series 1998-1 in respect of
Finance Charge Receivables $ 3,208,754.32
5. The aggregate amount of funds on deposit in the Principal Funding Account
allocable to Series 1998-1 Certificates after taking into account deposits,
but prior to withdrawals on the related Transfer Date $ 0.00
6. The excess, if any, of the Required Class C Invested Amount over the Class
C Invested Amount (as of the related Transfer Date) $ 0.00
7. The Class C Invested Amount on the Transfer Date of the current calendar
month, after giving effect to the deposits and withdrawals specified above,
is equal to $10,000,000.00
8. The amount of Monthly Interest, Deficiency Amounts, and Additional Interest
payable to the
(i) Class A Certificateholders $ 1,137,500.00
(ii) Class B Certificateholders $ 0.00
(iii) Class C Interests $ 0.00
9. The amount of principal payable to the
(i) Class A Certificateholders $ 0.00
(ii) Class B Certificateholders $ 0.00
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(iii) Class C Interests $ 0.00
10. The sum of all amounts payable to the
(i) Class A Certificateholders $ 1,137,500.00
(ii) Class B Certificateholders $ 0.00
(iii) Class C Interests $ 0.00
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To the knowledge of the undersigned, no Series 1998-1
Pay Out Event or Trust Payout Event has occurred except as described below
None
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 11th day of February
TRAVELERS BANK & TRUST, FSB
SERVICER
By: /s/ John J. Rosko
-------------------------
Name: John J. Rosko
Title: Vice President
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