Tom Petters

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  • Fingerhut sale completed
    Twin Cities businessmen Tom Petters and Ted Deikel are officially Fingerhut's new owners. The two completed their acquisition of Fingerhut's assets Wednesday, more than a month after announcing a definitive agreement. The deal could save several hundred Fingerhut jobs that would have disappeared, had Federated failed to find a buyer for Fingerhut.July 24, 2002
  • Fingerhut limbo: Workers consider how, and whether, to move on
    Fingerhut's future is still uncertain, six months after its parent company announced it would liquidate or sell the catalog retailer. With an offer on the table workers hover between a future with Fingerhut, and a future without it.June 11, 2002
  • New deal could save Fingerhut jobs
    Ted Deikel and Tom Petters have signed a non-binding letter of intent to buy most of Fingerhut from its parent, Federated Department Stores. Terms of the potential deal were not disclosed, but it brings renewed job hopes to laid-off Fingerhut workers, and to the city of St. Cloud, which was bracing for the closure of one of its largest businesses. A deal would put Deikel back in charge of a company he had helped build into one of the nation's largest catalog retailers.May 22, 2002
  • Fingerhut sale falls through
    Federated Department Stores said Monday it has terminated negotiations to sell its Fingerhut subsidiary to an investor group led by Minnesota businessman Peter Lytle.May 6, 2002
  • Federated eliminates hundreds of Fingerhut jobs; explores sale of assets
    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.March 28, 2002
  • What happened at Fingerhut?
    Fingerhut's demise could potentially leave 6,000 people without jobs, 4,700 of them in Minnesota. If Federated Department Stores can't find a buyer, it says it will close Fingerhut. But analysts and former employees say Fingerhut's business model is still sound. And those who watched Fingerhut falter and fail say Federated mismanaged Fingerhut.February 1, 2002

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