Federated to Sell Fingerhut Receivables
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Federated Department Stores Inc. agreed to sell about $1.2 billion of receivables from its Fingerhut catalog and Internet unit to CompuCredit Corp. Terms weren’t disclosed.
CompuCredit would buy the credit-card receivables at a discount in a transaction expected to close next month. The transaction includes the assumption of $450 million in receivables-backed debt.
Federated shares fell 13 cents to $39.39 on the NYSE. CompuCredit fell 5 cents to $6.78 on Nasdaq. The announcement was made after the close of regular trading.
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