May 7, 2002, 12:00 AM

Fingerhut sale is off

The sale of Fingerhut to Business Development Group Acquisitions is off, the companies report.

The sale of Federated Department Stores Inc.’s Fingerhut division, which operates a web site and a catalog operation, to Business Development Group Acquisitions Inc. is off, the companies reported today.

The companies said an environment in which acquisition funding is scarce contributed to the termination of sale talks.

Federated said no other potential buyers interested in acquiring Fingerhut as a going concern have been identified since its announcement in January that it intended to dispose of the Fingerhut operation. It will pursue selling Fingerhut’s individual assets and will terminate the Fingerhut catalog within 30 days. It still expects to sell catalog subsidiaries Arizona Mail Order, Figi`s and Popular Club as going concerns.

The company reaffirmed earlier expectations that the sale of Fingerhut`s assets will generate $1.1 billion to $1.3 billion of after-tax cash proceeds over the next four years.

 

 

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Jock Purtle / E-Commerce

What is your e-commerce business worth?

The founder of a merger and acquisitions consulting firm examines how e-retailers can know the ...

FPO

Adrien Henni / E-Commerce

Alibaba and Chinese e-commerce rivals target Russia

Besides Alibaba, Chinese e-commerce companies like LightInTheBox and DinoDirect are seeking deals to get goods ...

Advertisement