Kurt Peters , Executive Editor
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.
Federated Department Stores, Inc.
Media - Carol Sanger, 513/579-7764
Investor - Susan Robinson, 513/579-7780