July 8, 2002,
Federated continues Fingerhut selloff
Federated continued the piece-by-piece selloff of its Fingerhut business with a definitive purchase agreement to sell approximately $1.2 billion of its receivables to CompuCredit Corp. The Atlanta-based credit card company will also assume $450 million in receivables-backed debt that has been issued by the Fingerhut Master Trust as part of the deal. CompuTrend intends to retain more than 800 Fingerhut employees currently servicing the receivables portfolios at the company's St. Cloud and Monticello, MN, credit facilities, according to both companies. Federated has already reached an agreement with FAC Acquisitions for certain Fingerhut assets, including the St. Cloud distribution center and several other facilities. Federated has been informed by the Federal Trade Commission that the parties' application for an early termination of the standard 30-day waiting period for its deal with CompuCredit under terms of the Hart-Scott-Rodino Antitrust Act has been granted. As a result, the parties expect to close the transaction on or about July 12th, subject to other customary closing conditions
Tommy redesigns website
TJX Companies to repurchase $1B in stock
The TJX Cos. Inc. has approved a new multi-year program that authorizes the repurchase of up to $1 billion of TJX common stock, or approximately 9 percent to 10 percent of its outstanding common shares. The company also has completed a $1 billion stock repurchase program, originally authorized in March 2000, which netted some 75.2 million common shares of its stock.
Wal-Mart honors CSX Lines for transportation
Wal-Mart named CSX Lines its Domestic Carrier of the Year during the retailer's Annual Global Core Carrier Conference in Bentonville, AR. This is the second year in a row that the award has been given to CSX. The Domestic ocean trade covers containerized ocean shipments between the 48 contiguous United States and the domestic offshore locations of Alaska, Hawaii, Guam and Puerto Rico.