Halfway through the layoff of Fingerhut's 6,000 employees, another buyer has come forth with an offer for some of its operations and assets.

        Fingerhut's owner, Federated Department Stores of Cincinnati, said Wednesday it has signed a letter of intent to sell parts of Fingerhut to former Fingerhut CEO Ted Deikel and fellow Minnesota businessman Thomas J. Petters.

        Final terms are being negotiated and no sale price was disclosed. But the sale would include the Fingerhut name, Web site and product inventory. It also includes the distribution center and other facilities in St. Cloud, Minn.; Fingerhut's headquarters in Minnetonka, Minn.; the data center in Plymouth, Minn.; and the distribution center in Piney Flats, Tenn.

        Mr. Deikel was CEO of Fingerhut in 1999 when Federated bought the direct-sales company for $1.7 billion. He led Fingerhut from 1974 to 1984 and again from 1990 to 1999. Mr. Petters is a wholesaler.

        A proposed Fingerhut sale to Minnesota turnaround specialist Peter Lytle fizzled this month when Mr. Lytle failed to obtain purchase financing.

— James McNair

        Have a tip about a Tristate company that should be included in our Buzz? Call 768-8147 or e-mail business@enquirer.com.

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