Federated to sell Fingerhut, finally
June 12, 2002-- Home Textiles Today,
Cincinnati — After months of negotiations and close calls with other suitors, Federated Department Stores Inc. announced today that it has reached a definitive agreement with FAC Acquisitions Llc for the purchase of certain Fingerhut assets.
Former Fingerhut chief executive Thomas Petters and Theodore Deikel, owner of a wholesale business in Eden Prairie, MN, are principals of FAC Acquisitions, which has already indicated a desire to rehire many former Fingerhut employees.
Assets included in the agreement include the distribution center and other facilities in St. Cloud, MN; the subsidiary's Minnetonka, MN, corporate headquarters; the data center in Plymouth, MN; the distribution center in Piney Flats, TN; and the Fingerhut name, website and existing inventory, as well as other miscellaneous property and equipment.
According to Federated, the final closing could take place within the next few weeks.
Related Content By Author
Countdown to Intertextile Shanghai