Call it a colossal failure of a bricks-and-mortar retailer entering, via M&A, what it hoped would be a new age of e-tailing. Two weeks ago, Federated Department Stores, operator of such chains as Bloomingdale’s and Macy’s, announced it would rid itself of its Fingerhut catalog division. Almost exactly three years ago, Federated inked its deal to acquire Fingerhut Cos. for $1.7 billion cash, or 33.4 times earnings.
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