Federated to sell Fingerhut, finally
June 12, 2002,
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.
According to Federated, the final closing could take place within the next few weeks.
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