Fingerhut employees could learn the fate of their employer in a matter of hours. Minnesota’s commissioner of trade and economic development, Rebecca Yanisch, told The Associated Press that parent company Federated Department Stores would make an announcement about the general merchandise mailer on Thursday, Feb. 21. Cincinnati-based Federated announced on Jan. 16 that it was looking to sell or close Fingerhut this year.
“All we’re really free to disclose at this point is there are very good, strong negotiations going on and we’re very hopeful for a good outcome,” assistant commissioner Kit Borgman told AP.
Federated has reported that 15 potential buyers have signed confidentiality agreements prior to performing due diligence. As of last week, however, it said it had received only one bid. The company is hoping to get about $1.2 billion from the sale of Minnetonka, MN-based Fingerhut.