NEW YORK — Federated Department Stores Inc. has reached a definitive agreement to sell certain Fingerhut assets to FAC Acquisitions LLC, owned by Thomas Petters and former Fingerhut chief executive Theodore Diekel.
The price wasn’t disclosed and the agreement is subject to the usual terms and conditions, including completion of limited due diligence. Federated said final closing is expected in the next few weeks.
Federated vice chairman Ronald Tysoe said in a statement that the Cincinnati-based department store firm was “pleased” that “the buyers have indicated a desire to rehire a number of Fingerhut employees as part of their future business plans.”
Under terms of the agreement, FAC will acquire the Fingerhut name, Web site, extant inventory and miscellaneous equipment as well as its distribution center and other facilities in St. Cloud, Minn.; the Minnetonka, Minn.-based headquarters, and the data center in Plymouth, Minn.