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March 24, 2000

Fingerhut Buys Lew Magram, Brownstone

Fingerhut Cos., Minne-tonka, MN, yesterday acquired the Brownstone Studio and Lew Magram catalogs, which both sell women's apparel and accessories. Brownstone and Lew Magram were owned by StyleSite Marketing, which filed for Chapter 11 bankruptcy protection in January. Fingerhut purchased assets in a bankruptcy court sale that included inventory, trademarks and customer lists. It is expecting to run the new business under subsidiary Arizona Mail Order Co., Tucson, AZ, which it acquired in August 1998. The merchandising and creative staffs of both catalogs will remain largely intact, and Fingerhut did not acquire warehouses and telemarketing as part of the purchase. This marks the second acquisition by Fingerhut in the women's apparel category in the past two years. In December 1998, it purchased Bedford Fair Industries, giving it the women's apparel catalogs Bedford Fair and Willow Ridge.