November 28, 2011, 12:34 PM

Bluestem Brands will stay private for now

The company once known as Fingerhut pulls its IPO filing.

Mark Brohan

Research Director

Lead Photo

Bluestem's IPO is on hold.

Bluestem Brands Inc., the direct marketing company formerly known as Fingerhut, will remain a private company for now.

In an updated filing with the U.S. Securities and Exchange Commission, Bluestem, No. 94 in the Internet Retailer Top 500 Guide, has delayed its planned initial public offering.

Bluestem gave no immediate reason for the delay. The filing only confirmed that Bluestem was pulling its initial stock offering.

Bluestem had expected to raise up to $150 million when it filed to go public in April.

Prior to pulling its IPO, Bluestem in an earlier public filing in September reported:

  • Web sales of $95.1 million, up 19.3% from $79.7 million in the first two quarters of 2010. Internet Retailer bases that calculation on Bluestem’s disclosure that the web accounted for 41% of total sales compared with 40% in the first two quarters of 2010.
  • Total sales of $232.2 million, up 16.6% from $199.2 million.
  • Net loss was $41.8 million compared with a net loss of $2.6 million.

Average order was $184.47, up about 6.5% from $173.28.

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