Retailer will dump Fingerhut unit, revises earnings guidance

CINCINNATI - Federated Department Stores says it will sell or shut down its Fingerhut online retailing unit, after enduring millions of dollars in losses. <br> <br> Federated -- whose stores include Macy&#39;s, Bloomingdale&#39;s and Lazarus -- had bought Fingerhut for $1.7 billion in 1999. <br> <br> Federated said it will list the Minneapolis-based Fingerhut unit as a discontinued operation, effective with the fourth quarter of 2001. <br> <br> Cincinnati-based Federated revised its earnings projections to say it expects earnings per share of $1.80 to $1.90 in the fourth quarter, excluding restructuring costs. The company said it expects earnings per share of $3.25 to $3.50 in fiscal 2002, which will end on February first of next year.

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