Fingerhut Secures $63 Million for Growth

The St. Cloud (MN) “Times” reports that reborn general merchandise cataloger Fingerhut has scored $63 million of equity from two venture capital firms and a $100 million credit line to cover one of the biggest problems it ran into in its former life: customer debt.

One of the biggest investors is Tom Petters, who along with one-time Fingerhut CEO Ted Deikel bought the Fingerhut assets in July 2002 from Federated Department Stores, which had closed the former Fingerhut operation down. With the funding, president/CEO Brian Smith told the “Times,” the company is able to focus entirely on growth for the “foreseeable” future. Specifically, he said that Fingerhut will create positions in its St. Cloud, Minnetonka, and Eveleth, MN, fulfillment centers.