The payment card network says the platform will provide retailers with another way to acquire customers.
A potential Fingerhut buyer has received letters of intent for a bank to underwrite financing as well as letters of intent from equity investors. But both require further due diligence.
The future of web and catalog merchant Fingerhut remains uncertain, more than a month after Business Development Group Acquisitions and Federated Department Stores Inc. entered into discussions about the Business Development Group buying Fingerhut.
The latest: Wayzata, MN-based Business Development Group says it has received letters of intent for a bank to underwrite financing of the purchase. The group also says it has received letters of intent from equity investors. But both the bank and the potential investors require further due diligence, the group says.
The group says it has completed its due-diligence, and has shared information with all parties “to speed up the process of reaching a definitive agreement.” Further, the group says it hopes to provide Federated with sufficient ”financial comfort” to enter into a definitive agreement.
Peter Lytle, managing partner of the Business Development Group, has stated he remains optimistic that a deal can still occur between the two parties.