Report: Fingerhut Sale Announcement Expected Today
The commissioner of trade and economic development in Minnesota said Federated Department Stores Inc., Cincinnati, may make an announcement regarding Fingerhut, The Associated Press reported yesterday.
"All we're really free to disclose at this point is there are very good, strong negotiations going on and we're very hopeful for a good outcome," Assistant Commissioner Kit Borgman said.
Minnesota Gov. Jesse Ventura told Commissioner Rebecca Yanish yesterday that Federated had informed him to look for an announcement, according to the AP report.
When asked about a possible announcement, Fingerhut spokesman Ben Saukko told DM News, "I'm sure Federated will make [an] announcement on that. They have procedures to follow [related to] the investment community to consider."
It has been reported that only one formal offer has been submitted for the Minnetonka, MN-based cataloger, but Federated has not revealed who made it. Tom Petters, who has been identified as a business partner of former CEO Ted Deikel, has expressed interest in buying the company. The Business Development Group, Wayzata, MN, led by managing partner Peter Lytle, also has said it is interested.