CompuCredit Corp. agrees to purchase Fingerhut receivables

MINNEAPOLIS - More than 800 Fingerhut employees in St. Cloud and Monticello, Minnesota would retain their jobs under an agreement announced Wednesday for the purchase of Fingerhut&#39;s receivables. <br> <br> CompuCredit Corporation said it has agreed with Federated Department Stores Incorporated to purchase approximately $1.2 billion in credit card receivables at a discount. The transaction also includes the Fingerhut Master Trust and the assumption of $450 million in receivables-backed debt that has been issued by the trust. <br> <br> Terms of the deal with the Atlanta-based credit card company were not disclosed. The transaction, expected to close in July, is subject to final negotiation of a definitive purchase agreement. <br> <br> However, both companies confirmed that CompuCredit intends to retain more than 800 Fingerhut employees who process payments for Fingerhut merchandise at the two credit facilities.