As the fate of the Petters Group Worldwide empire grows increasingly dark, one of its business interests is announcing that prospects are bright for holiday sales.
In its announcement Monday afternoon, Fingerhut Direct Marketing Inc. of Eden Prairie said it is "well-positioned for the upcoming holiday season and anticipates slightly better sales" than last year.
The online and catalog retailer of general merchandise emphasized that it is "not dependent for any funding from Petters Group Worldwide or any of its affiliates and hasn't been since February 2004."
Fingerhut explained that Petters Group Worldwide "is a minority, passive stockholder and has not been involved in the day-to-day operations" of Fingerhut in more than four years.
Fingerhut said it enters the holiday season with nearly 2 million active customers and "excellent relationships" with all of its suppliers.
It also described its financial condition as strong. Fiscal 2007 revenue was about $450 million, the company said, adding that Bain Capital and Battery Ventures recently invested more than $50 million in additional capital.
Paul Walsh • 612-673-4482
