Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) announced today the closing of the transaction for the sale of approximately $1.2 billion of Fingerhut receivables to Atlanta-based CompuCredit Corporation.
As previously announced, the transaction also includes the assumption of $450 million in receivables-backed debt that has been issued by the Fingerhut Master Trust. Additional terms are not being disclosed.
Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales from continuing operations of more than $15.6 billion. Federated currently operates more than 460 stores in 34 states, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's, as well as macys.com and Bloomingdale's By Mail.
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