Federated Sells Two More Pieces of Former FingerhutFederated Department Stores Inc. took another step yesterday in the disposal of assets that had been part of former subsidiary Fingerhut Companies as it announced that the assets of Arizona Mail Order and Figi's catalog operations were acquired by JPMorgan Partners LLC.
Terms of the deal were not disclosed. JPMorgan Partners LLC is the private equity arm of J.P. Morgan Chase & Co.
Federated spokeswoman Carol Sanger said the Popular Club title remains to be dealt with and that the company "should have something on that in the near term" regarding its sale.
Regarding yesterday's announced deal, she said "several months" when asked how long it had been in the works.
Arizona Mail Order, Tucson, AZ, markets women's apparel through its Old Pueblo Traders, Bedford Fair, Willow Ridge, Lew Magram, Brownstone Studio, Regalia, Intimate Appeal and Coward Shoe catalogs.
Figi's, Marshfield, WI, markets food and specialty gift products through its Figi's and JF Collection titles.
The businesses, with more than 3.7 million active customers, will be combined into a new holding company to be known as Crosstown Traders, Inc.
Michael Sherman, former president of Fingerhut, was identified as vice chairman of Crosstown in a statement issued yesterday and Steven Lightman was identified as president/CEO.