Federated Completes Sale of Fingerhut Assets to Petters, Deikel Group
CINCINNATI, Jul 24, 2002 -- Federated Department
Stores, Inc. (NYSE:FD)(PCX:FD) announced today that it has closed
the transaction for the sale of various Fingerhut assets to FAC
Acquisitions, LLC, in which Thomas J. Petters and Theodore Deikel
are principals. Terms of the transaction are not being disclosed.
Deikel is a former chief executive of Fingerhut and Petters owns a
wholesale business based in Eden Prairie, MN.
Assets included in the transaction are the distribution center and
other additional facilities in St. Cloud, MN; the subsidiary`s
Minnetonka, MN, corporate headquarters; the data center in
Plymouth, MN; the distribution center facility in Piney Flats, TN;
and the Fingerhut name, customer lists, website and existing
inventory, as well as other miscellaneous property and equipment.
This transaction follows the sale of Fingerhut receivables to
CompuCredit Corporation, which was announced on July 12.
Federated, with corporate offices in Cincinnati and New York, is
one of the nation`s leading department store retailers, with
annual sales from continuing operations of more than $15.6
billion. Federated currently operates more than 460 stores in 34
states, Guam and Puerto Rico, under the names of Macy`s,
Bloomingdale`s, The Bon Marche, Burdines, Goldsmith`s, Lazarus and
Rich`s, as well as macys.com and Bloomingdale`s By Mail.
CONTACT:
Federated Department Stores, Inc.
Media - Carol Sanger, 513/579-7764
Investor - Susan Robinson, 513/579-7780
http://www.federated-fds.com/
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