CompuCredit Corp. has agreed to purchase Fingerhut’s credit card receivables, totaling $1.2 billion, from Federated Department Stores, the Minneapolis Star Tribune reported.
The deal will save more than 800 jobs in St. Cloud and Monticello, MN, according to the Star Tribune.
The transaction is expected to be completed within a month.
Last month, Federated agreed to sell major Fingerhut assets to former Fingerhut owner Ted Deickel and Tom Petters, including the name, Web site, existing inventory, equipment and customer list. (DIRECT Newsline, July 2002).
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