Federated's Fingerhut sale closes
By Furniture Today Staff -- Furniture Today, August 5, 2002
CINCINNATI — CINCINNATI — Federated Department Stores has completed the sale of certain assets of direct marketing specialist Fingerhut to FAC Acquisitions LLC.
Theodore Deikel, former chief executive officer of Fingerhut, and Thomas J. Petters are FAC principals. Petters owns a wholesale business in Eden Prairie, Minn.
Fingerhut, with total 2001 sales of $1.2 billion, down 30% from the previous year, has a significant home furnishings business, including furniture and rugs. Federated acquired Fingerhut in March 1999.
Included in the sale is the Fingerhut name, customer lists, Web site, existing inventory, the distribution center and other facilities in St. Cloud, Minn., the corporate headquarters in Minnetonka, Minn., the data center in Plymouth, Minn., the distribution center in Piney Flats, Tenn., and other property and equipment.
