FEDERATED FINDS FINGERHUT SUITOR, REALIGNS DIRECT DIVISION.(Business Development Group Acquisitions may acquire Fingerhut unit)(Brief Article)

HFN: The Weekly Newspaper for the Home Furnishing Network, February, 2002 by Thau, Barbara

CINCINNATI-Federated Department Stores may have found a buyer for its ailing Fingerhut mail-order subsidiary while a management shake-up is under way at Federated Direct, the cataloger's parent division.

Federated has signed a non-binding letter of intent with turnaround management firm Business Development Group Acquisitions, which could lead to BDGA's acquisition of its Fingerhut subsidiary, according to the retailer.

Concurrently, Jeffrey Sherman, chairman and chief executive officer of Federated Direct, which includes the Fingerhut division, as well as Macys.com and Bloomingdale's By Mail, has resigned, effective March 1, to become CEO of Limited Stores.

Federated Direct generates $621.1 million in home furnishings, according to HFN...