This purchase marks the first one filed by Fingerhut in the past year.

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In October, the company cut jobs at its Fingerhut Internet sales and catalog unit, which had been plagued by credit problems.

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Barely five minutes into a meeting to raise more money for Handtech, Lessin told Harris he needed to speak to Fingerhut Cos.

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"This has been a disappointing year overall, primarily due to the negative impact of the Fingerhut credit problem on Federated's earnings performance, " said CEO James Zimmerman in a statement.

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Cincinnati-based Federated Department Stores (nyse: FD - news - people) posted a 26% drop in fiscal fourth-quarter earnings, hurt by problems at its Fingerhut catalog unit and, yes, the slowing U.S. economy.

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Jim Petro is a politician, a former Attorney General and State Auditor in Ohio, who once dabbled with seeking even higher office (his predecessor, also something of an innovator, Eric Fingerhut, was similar, although Petro is Republican and Fingerhut a Democrat).

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