Federated Department Stores Inc. said Thursday that it will begin exploring the sale of Fingerhut's assets immediately and will lay off 3,300 employees by April 5.
A group of Twin Cities business and government leaders are promoting an approach to economic development based on industry clusters. The idea is to improve the state's economic vitality by nurturing industries that already have a concentration in Minnesota, such as medical technology.
A business group led by turnaround specialist Peter Lytle has signed a letter of intent to purchase Fingerhut.
A new state survey indicates job openings in Minnesota have declined more than 40 percent in the past year. The report also says the job market in the St. Cloud area is weaker than the state as a whole.
Federated Department Stores Inc. announced that it would search for a buyer for its Fingerhut subsidiary, and would close the operation if no buyer is found.
Minnesota's unemployment rate rose .10 percent to 3.8 last month. The state's jobless rate remains well below the national level, and posted a smaller increase than the nation as a whole in November. But layoffs are rising dramatically among the state's white collar workers, historically a group that has been less vulnerable to job cuts.
Retail's crucial holiday shopping season typically contributes about one quarter of a year's sales. The September terror attacks hit an already weak economy, suggesting it will be a subdued holiday shopping season overall.
Minnesota's unemployment rate jumped to 3.7 percent in October - an increase of .4 percent from September. Minnesota's jobless rate remains well below the national rate of 5.4 percent. But the state is losing jobs at a faster rate than the U.S. as a whole.
As layoffs rise and the job market weakens, church-based support groups for job hunters are growing in number and size in the Twin Cities. The groups typically offer job seekers emotional support and the opportunity to expand their network of contacts.
Halloween isn't just kids stuff anymore. It's grown into a commercial event producing nearly $7 billion per year in sales. And despite the attacks of September 11, the National Retail Federation is predicting modest growth in sales this year. Halloween is not normally seen as a gauge of the all-important Christmas season. But this year, some retailers are looking for hopeful signs among the trick or treaters.
Twin Cities-based 3M and Imation reported profits Monday. 3M's declined, but its share price rose. Imation posted a big jump in profits, but its stock fell.
Minnesota Public Radio said Thursday it plans to stay in St. Paul and expand its downtown headquarters. MPR will keep its current building. It will also purchase a building opposite its current headquarters, across the street to the north, for nearly $8 million and acquire a vacant triangle of land across the street to the west.
The new head of the St. Paul Cos. says the company is not for sale, but there are things that need fixing. The number four U.S. business insurer Thursday named Jay Fishman of Travelers Insurance Group to head the state's oldest corporation. Fishman says he wants employees to spend corporate dollars with the same care as they spend their own.
Economists say the terror attacks on the East Coast increase the odds of a recession. While disagreeing on the severity of the impact, they generally agree the consumer's reaction is key.
In Minnesota Ventura administration officials say they have no indication that there are any targets of attack in the state. State buildings remained open, with restricted access. The primary election continued, as well. Several high-profile private buildings were closed as precautions. Twin Cities International Airport was shut down as the FAA grounded the nation's air transportation system.