Federated finds potential buyer for Fingerhut

Cincinnati — In a deal that could lead to the purchase of Federated Department Stores' Fingerhut subsidiary and substantially all of Fingerhut's assets, the retailer has signed a non-binding letter of intent with Business Development Group Acquisitions Inc. (BDGA), Wayzata, MN, a management firm that specializes in corporate turnarounds.

BDGA, founded by former United Shipping and Technology chairman Peter Lytle, is attempting to obtain financing for the transaction. BDGA must notify Federated by early March of its ability to proceed.

Ronald Tysoe, Federated's vice chairman, said the retailer is not holding active discussions with any other parties regarding Fingerhut, although the sale process remains open.

Home & Textiles Today Staff | News & Commentary

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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!