I thought they were out of business? A friend of mine has (had) an account with them and just received a catalog congratulating her on a limit increase? I went to the website, but it just thanks you for being a customer. Are they still processing mail orders? Just wondering.
The founder bought the company back after it was closed for a few weeks. I know he got the buildings, inventory and the name but i don't know the status of the credit accounts.
It amazes me how a company like fingerhut could go out of biz. When i was 16 for a few years i bought tons of stuff from them.They charge ENormous amounts of Interest. 30% or so. I cant believe these crooks went out of biz. they were making a killing.
Lesarin- That is exactly why they went out of business. Only people with bad or no credit shop there. They offer those people credit and never get any money back. I would be very interested to see what percentage for their consumers paid on time, or paid anything at all. I am sure it is next to none. That is what they get for offering credit to 16 year olds IMO.
Very interesting! Would you be kind enough to call your friend and get their new phone number if she still has the catalog? I'm not interested in ordering from them, but I would find it interesting to see what the original owner is attempting to do with it now. Thanks! Doc
Weird. The number is 800 233-3588. However, when you call the number, it states they are no longer taking orders while sale and liquidation of the business is being pursued. It sounds like they may be reorganizing? Maybe it was sent in error?
I live near one of their operations and friends worked for them, so i know most of what is going on with them... This is the history of fingerhut: Guy starts business, makes a killing. During dotcom boom, Federated Dept Stores decides to have an online biz, it doesn't do well, decides buying one with online experience is better idea, so they buy Fingerhut. (federated wanted call and shipping centers experienced with mailorder - anyone remember the first internet christmas when toy r us couldn't fill orders? federated had similar problems) dotcom bust hits soon after, online biz isn't as good as federated hoped recession hits, federated loses money everywhere, decides to sell fingerhut - people still haven't figured out why high class federated bought low class fingerhut to begin with ... no buyers come forward, they begin to close fingerhut in early 2002 and start laying off all workers. founder buys most of it back in spring 2002 just before or just after the last employees are let go, reopening most operations except the local ones. I find it hard to believe the old operation is still sending catalogs, since it's past 6 weeks since closing, plenty of time to halt publication. I don't know if the new guy has had enough time to get a new one out, maybe he sent one federated had in the works? Does the 800# work?
I believe they did well and had a lot of repeat business. Remember, their buyers were desperate people, no one would give them credit except fingerhut. AFAIK, their cc loses were no worse than subprime cards - what's worse, paying a high fee to get a real card or buying from fingerhut and paying for it as you buy stuff? It depends how much you buy...
