Federated Stores to Close Fingerhut Unit
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Federated Department Stores Inc. said it will close its Fingerhut catalog business, which it bought in 1999 for $1.7billion.
The business employs about 6,000 people, mostly in Minnesota. It’s unlikely a buyer will be found, said Federated, owner of the Bloomingdale’s, Lazarus, Macy’s and Rich’s chains.
The company restructured Fingerhut, the second-largest U.S. catalog business, in 2000 after the Internet industry slumped and a rising number of catalog customers became delinquent in paying off their charge-card balances.
Federated shares fell $1.13 to $40.74 on the New York Stock Exchange. The news was reported after the close of regular U.S. markets.
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