Federated to sell Fingerhut, finally

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.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!