Ted Deikel, who has twice owned and sold Fingerhut Cos., and business partner Tom Petters, a Twin Cities' wholesaler, say they have signed a definitive agreement to buy key assets of Fingerhut from Federated.
The deal calls for the Deikel and Petters group to buy, among other things, Fingerhut's 1.1-million-sf St. Cloud distribution center; the company's headquarters in Minnetonka, MN; its Plymouth, MN, data center; a distribution center in Piney Flats, TN; Fingerhut's name, Web site and existing inventory.
The two men say they plan to rebuild Fingerhut.
A bid led by Twin Cities businessman Peter Lytle to buy Fingerhut fell apart last month.
Federated, which wants to focus on running its department stores, said early this year they want to sell or close the catalog unit.
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