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Article: US retail chain to offload mail order business. (International).(Federated Department Stores Inc. to divest Fingerhut Companies Inc.)(Brief Article)
- Article from:
- Precision Marketing
- Article date:
- January 25, 2002
CopyrightCOPYRIGHT 2002 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Cincinnati: Federated Department Stores, parent company of Macys and Bloomingdale's, is planning to dispose of its beleaguered Fingerhut mail order operation after efforts to save the business backfired.
The company expects to fall short of fiscal forecasts for the first quarter of 2002, indicating that Fingerhut has been a drain on its resources since it bought the catalogue retailer for $1.7bn ([pounds sterling]1.1bn) in 1999. It has not ruled out selling the business, which includes catalogues Old Pueblo Traders, Lew Magram and Figi's.
"There is no longer strategic value to Federated in retaining Fingerhut's operations. We have no expectation that ...