Fingerhut may be acquired within the next couple of days.
Potential buyer Peter Lytle told the Minneapolis Star Tribune that financing is in place, and that a deal could be finalized this week.
Lytle added that he plans to rehire laid-off workers and rebuild the catalog firm to its former size, according to the Star Tribune.
Lytle’s company, The Business Development Group, signed a letter of intent in February to acquire Fingerhut from parent Federated Department Stores Inc.
“The letter says essentially that we are prepared to buy all of the substantial assets of Fingerhut and run it as an entity, and that includes Figi’s and Arizona Mail Order,” Lytle’s partner, Marshall Masko, told DIRECT’s Kris Oser. (DIRECT, March 15, 2002).
Masko added that the plan is to “work with existing staff and on stabilizing and rebuilding the company by focusing on its core competencies: direct marketing and catalogs.”
Federated said in January that it would liquidate Fingerhut and terminate the staff if a buyer was not found.
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