Fingerhut Cos. Inc., Minnetonka, MN, began mailing out layoff notices to 6,000 employees today, according to reports. The notices went into the mail at roughly the same time as the company’s last catalog, and workers that record orders would be among the first let go, reports said.
The notices give 60 days notice to 4,700 employees in Minnesota, and 1,300 workers in Tennessee, wire reports said. They include explanations of severance deals.
Reports also indicated that a third, unnamed potential buyer for the firm had scheduled a meeting with St. Cloud, MN city leaders. If true, the buyer would join Tom Petters, founder and chairman of Redtag Inc., and Peter Lytle, who heads an investor group.
Fingerhut is currently owned by Cincinnati-based Federated Department Stores, which purchased Fingerhut in February 1999 for $1.7 billion.
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