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Thread: Fingerhut to Close?

 
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  #1  
Old January 17th, 2002, 05:29 AM
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http://www.corporate- ir.net/ireye/ir_site.zhtml?ticker=FD&script=410&layout=-6&item_id=247311

CINCINNATI, Jan 16, 2002 (BUSINESS WIRE) -- Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) announced today that it intends to dispose of the operations of its Fingerhut subsidiary.

Zimmerman said that while Federated has not ruled out the sale of the Fingerhut catalog as an ongoing business, it is unlikely that a buyer will be found given the highly specialized nature of that business and the current economic environment. Therefore, Federated is preparing to manage the closing of the Fingerhut catalog operation and the wind down and collection of the Fingerhut receivables portfolio. Fingerhut employs approximately 6,000 people in its core catalog operations, approximately 4,700 of whom are located in Minnesota, with an additional 1,300 at telemarketing and distribution centers in eastern Tennessee.


Can someone move this to the correct forum? Being the stupid person I am, I posted it in the wrong one [img]/infopop/emoticons/icon_wink.gif[/img]

[ 01-17-2002: Message edited by: evilbob ]
  #2  
Old January 17th, 2002, 05:35 AM
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Aw...

I remember reading about them...they're the ones that said they'd cancel affiliates who came up in the search engines (paid AND FREE) under "their" terms!

And they've done other nutty things, too, but just what slips my mind just now. I think there were about 5 totally insane, profit-killing things they did.

So I'm not tooo surprised to see that happen to FingerNut.

[ 01-17-2002: Message edited by: Leader ]
  #3  
Old January 17th, 2002, 05:53 AM
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Join Date: January 18th, 2005
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This makes me so sad. When my old man died and I had seven kids still at home (true his, mine, ours and other peoples) Fingerhut was about the only place I could get credit to get the things I really needed. Yes, it cost more. But, the small monthly payments and their payment booklets really helped me manage until Social Security kicked in and I found some work.

Fingerhut is one of the places truly poor folk with no credit use to brighten their lives a bit. This is a big loss.

I have always had a soft spot for them. [img]/infopop/emoticons/icon_frown.gif[/img]

[ 01-17-2002: Message edited by: SSanf ]
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  #4  
Old January 17th, 2002, 06:12 AM
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I wonder how much they want for Fingerhut? [img]/infopop/emoticons/icon_wink.gif[/img]
  #5  
Old January 17th, 2002, 06:53 AM
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SSanf
"Fingerhut is one of the places truly poor folk with no credit use to brighten their lives a bit. This is a big loss."

HOGWASH !

Fingerhut is one of those slimey, boodsuckers that preyon the poor folks, that can not afford quality, and they glorify dollar store and K-mart quality junk, and sucker poor people into a long-term payment arrangement to finance the JUNK , and , in effect, keep them in poverty, and hostage as their lifetime customer .JMHO


Lisa
  #6  
Old January 17th, 2002, 08:06 AM
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quote:
Originally posted by Lisa:
SSanf
"Fingerhut is one of the places truly poor folk with no credit use to brighten their lives a bit. This is a big loss."



I agree! This is sad and going to be missed by many.

If you have ever been there, truly been there, you know what Fingerhut meant to many.

Vicki [img]/infopop/emoticons/icon_wink.gif[/img]
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  #7  
Old January 17th, 2002, 09:15 AM
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FingerHut was devised as the answer to the the working masses to have a company store. Like Henry Ford's idea to make employees have to cash their checks and pay of balances at his gouging priced company store would bring him more profits. Not only did many sales go unrecorded but those thta slipped through the 800# on the site & catalog had a 46% reversal rate. This one should have been kept on the Merchant fraud category.

You might as well take down the Bluelight ( Kmart) and Service Merchandise banners and links at the same time since they both are Bankrupt and soon to close all brick-n-mortar stores. Funny only the merchants, super affiliates like Gator and iWin or parasite Whenu.com now make up the pool of cheaters and con artists raping traffic off affiliate sites.
  #8  
Old January 17th, 2002, 09:20 AM
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Makes me sad for a different reason... I have 28 sales for them this month on a product line I don't have a back-up merchant for (I've looked, but not hard... guess I'll look some more)...
  #9  
Old January 17th, 2002, 02:32 PM
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quote:
Dear Fingerhut Affiliates,

Please be assured that the Fingerhut Affiliate Program is still running
business as usual. You will be notified of any and all changes that may
take place in the coming days or weeks. Thank you so much for your business
-- we appreciate all your hard work.

Please be assured you will receive
all your earned commissions. If you have
any questions, please contact Performics directly, or you can e-mail us
at
affiliate@fingerhut.com.

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  #10  
Old January 17th, 2002, 03:24 PM
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Lisa,

Not everyone has your education, economic advantages and insights. Fingerhut means a lot to people of minimal means. The people who are poor due to lack of education and money management skills will remain poor in any event.

The high priced, low value goods from Fingerhut actually make them happy when they get them. They love the little free gift that comes with every order, too. It is often saved against occasions requiring a present so they won't be empty handed. And, with their problems, which I hope you never really come to understand, very few things do make them happy.

And, for occasions when meeting a short term immediate need is more important than long term savings, Fingerhut can fill the bill. There are such occasions. Ask anyone in the desert who is out of gas.

Also, to give the devil his due, Fingerhut frequently had merchandise that just could not be bought anywhere else. They were the first place I saw with a tent with a curtain for a room divider, for instance. Now, they are quite common.

Fingerhut leaving is another big loss to many people. It is very sad.

[ 01-17-2002: Message edited by: SSanf ]
  #11  
Old January 17th, 2002, 04:53 PM
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Wonder if Bin Laden has an account with them since I'm willing to pay for that billing/shipping address information. Poor people should shop at OverStock.com where the goods are first class and reduced up to 80%. The idiots over at Federated Stores sure know Patrick Byrnes since he used to buy their excess inventories and now sells them along with Costco -Sams Club and even Amazon his excess name brand buys. They should offer him Fingerhut inventories and the goods at Jacobsens Dept. Stores and soon JL Hudsen's. He's no ripp off artist so the 20+ % on charge sales isn't his bag. Will take PayPal.

[ 01-17-2002: Message edited by: EcomCity.com ]
  #12  
Old January 17th, 2002, 05:41 PM
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If I recall right from CJU, Lisa has indeed "been there" and that's where she got her animosity toward FingerNut!

I also remember FingerNut from my youth. Scratchy, AWFUL Cannon towels, sheets that were soon threadbare, and other crapola! I was too young to know anything about prices at the time [kindergarten], but I remember my mother CURSING THEM MIGHTILY when they found the new address after we moved out here and started sending their catalogs!

Unfortunately, we didn't ditch their cheap STUFF when we moved out here...that persisted, which is why I remember the lack of quality so well!

Obviously I do agree with Lisa's assessment of FingerNut! As for them being like the "last gas" in a desert, when they're taking your car in exchange I don't think it's such a great deal! There's even a word for those places: GOUGERS!!

My mother was "there--really been there" enough, and she doesn't have one good thing to say about the place.

Ssanf--"The people who are poor due to lack of education and money management skills will remain poor in any event."

While that's indisputable (except for a couple of Flukes who get themselves educated), the poor would do MUCH BETTER for themselves if there was a DECENT company, which would sell the stuff on time for a legitimate price! Instead of mourning the loss of FingerNut, what should be mourned is the fact that there isn't a company which will offer payment terms to those with no credit, at a DECENT price!

Those "decent" places say it's too risky to lend to the credit-less, but with a near-monopoly, decent prices, and decent goods, the default rate would probably be substantially less than expected.
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  #13  
Old January 17th, 2002, 05:50 PM
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Leader,

quote:
... what should be mourned is the fact that there isn't a company which will offer payment terms to those with no credit, at a DECENT price!


Nicely said!

Haiko
  #14  
Old January 17th, 2002, 06:34 PM
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quote:
"... what should be mourned is the fact that there isn't a company which will offer payment terms to those with no credit, at a DECENT price!"

I agree! There is a man who came to Houston with just a few cents in his pockets and very few would give him a chance. He has gone on to build a business selling almost exclusivly to the poor. He offers them good furniture and gives them credit. He has become very well off but his store sits in the poor side of town and he does a lot for the community all year with chairities etc.. In any disaster, there he is giving families new furniture and donating money.
Mattress Mac, gotta love him!! Wish there were more like him!!

Vicki [img]/infopop/emoticons/icon_wink.gif[/img]
  #15  
Old January 17th, 2002, 09:06 PM
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Poor people should shop at OverStock.com??

Uh....you see, as hard as it to imagine, they really don't have any credit cards. Does OverStock.com sell to people without credit cards? They don't have computers, don't know how to use them, don't want to know. And, they tend to think that people with computers are a little too full of themselves. If they did ever have a computer, somehow, the landlord has it now.

"with a near-monopoly, decent prices, and decent goods, the default rate would probably be substantially less"

The default rate would be the same, high. People don't pay for a lot of reasons, quality of merchandise probably being the least consideration. You don't know you have bad quality if you never had good quality in the first place. And, a scratchy towel is way better than no towel at all. Usually, it is because they order more than they can afford or something "comes up", like the dog got hit by a car and needed to go to the vet or the car broke down. They have no savings when something "comes up". You DO understand there is good reason WHY thay don't have credit. They often don't pay. If they did, lots of companies would be going after there business. This is one reason why Fingerhut charges so much.

Fingerhut isn't probably much of a loss to folks on the Internet but it is a very real loss to a lot of very real people.

[ 01-17-2002: Message edited by: SSanf ]
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  #16  
Old January 17th, 2002, 09:18 PM
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I don't care too much where anybody shops, but I hope it is not Fingerhut because they are starting to look like real scumbag scam artists to me.

Obviously they must have known for some time that they had financial troubles, and if they did then they should not have mislead affiliates into losing money.

Now CJ is giving them a second chance to go back thru previously locked transactions and see if they should have reversed a few more (or maybe all of them). Like 46% reversals was not enough!

We are talking about real people at these companies cooking up these schemes and executing it, but they hide behind the corporation's coattails.

If they treated those poor shoppers like this, then good riddance.

This is starting to look bad with FH and Outpost already among the post-holiday fallout. Who is next?

And by the way, Overstock prices are not that good.
  #17  
Old January 18th, 2002, 08:58 AM
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Dropout predictions:
Ashford -Playboy -Microwarehouse -Franklin Mint -Bluelight -Cooke Brothers -Giftcertificates -FTD -Martha Stewart -Delias -Service Merchandise Gator.com Buy.com
  #18  
Old January 18th, 2002, 09:47 AM
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Agree with all but one. What do you know about MicroWarehouse?
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  #19  
Old January 18th, 2002, 10:42 AM
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Microwarehouse hasn't shown a sale in over 6 months from 2894 clickthroughs on my PcMall site. Product links like those from PcConnections and PcMall are all obsolete and if affiliates can't earn revenues on targeted traffic they ..like me ..will stop giving them maximum exposure.

Prediction update ..I must be physic..since I've tried getting to their minimum of 100.00 for the last 2 months ( at 81.96)
Dear Michael of EcomCity -worlds most complete shopping community,

This e-mail is notification that our Affiliate Program with BeFree will officially end on 1/31/02.

We will be discontinuing our links in the Bfast system next Wednesday, 1/23/02. Please remove our links by that time.

We've enjoyed working with you through BeFree and wish you the best in 2002.

Sincerely,
The PC Connection Affiliate Team

Looks like this one won't reach minimums and sucked up my Traffic for 12 months.
  #20  
Old January 18th, 2002, 03:49 PM
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Yick - I guess this all means PC Flowers ad Gifts (a Fingerhut company) is going to go whatever way Fingerhut goes. Looks like I'm going to have to find myself a new main flower merchant.
  #21  
Old January 18th, 2002, 04:08 PM
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To CJ merchants (from Fingerhut)
quote:
We regret to inform you that Fingerhut will no longer be participating in the affiliate program through Commission Junction...
there's more, but you get the picture...
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  #22  
Old January 18th, 2002, 07:57 PM
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"it is a very real loss to a lot of very real people.~Ssanf" (Bold from me)

Being poor does NOT make anyone a more "real" person!

That sounds like the Underprivilaged Attitude in your comment. You didn't "play the whole symphony," but I recognize the first few notes! So...

I've seen that attitude before. Part of it goes like this: There's "the rich" (in other words, anybody with two cents to rub together--they can't be People), and then there's the "real people" (those that don't have what the "rich" do). You could drop the Lotto Jackpot smack on people with that attitude, and THEIR ATTITUDE AND NOTHING BUT will bring them right back into the poorhouse on an express train.

Not too many years ago, I was working in a factory with many people with that attitude. They were all "Reeeal" (Puke!) because they knew about The Hard Life etc. etc. etc. We were all making the same thing--$6/hr with 12 hours of overtime on top! And none of us had stayed working in the same place for long, we all had long gaps of unemployment (for various reasons), etc. In other words, nobody was really rolling in it!

But they reveled in their Realness and Ignorance, while I abhorred the state of being in a factory and being pinched for cash!

So while they kept on with their Real life, I went over to the library (because I didn't have money for a computer) and set up a site there, Free, on a Free host (because there wasn't the money for a paid host), using Free online information about HTML!

On the other hand, they'd dismiss something like this (Selling via Computers) out of hand, saying they "could never afford a computer" and that they could "never understand how to do it". Therefore, they'd NEVER EVEN TRY to do this (and there'd be an excuse for EVERYTHING that could really bring in the $$$ to them). This refusal to try is ROOTED IN the idea that it's "more real"--and therefore BETTER--to be POOR!
[Fact: When approached with the idea of doing something more lucrative, more than one responded "But I want to stay a Real Person!" Others were afraid their personalities would be ruined!]

The result is, I no longer have any need for factories except as a Customer, while they will probably be in the same situation they were in then for the rest of their Real (but miserable) lives.

The difference is in the ATTITUDE. PERIOD. Once the Attitude is overcome, the rest follows. Ways around the difficulties of lack of money appear to open eyes!

Your "real people" comment brought to mind all the REST of The Underprivilaged Attitude that I know goes with it, hence this post!

Granted this has nothing to do with Fingerhut. But when I think of all the poor people who will never get out of it for the reason of "realness" it makes my blood boil!!!
  #23  
Old January 19th, 2002, 07:29 AM
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So, because you found a way out of poverty, your contention is that most poor people are poor because they have a bad attitude. OK, if that's what you think, it's OK with me. I kind of think it's the other way around.

Do you suppose, if all the poor people changed their attitudes, there would then be more than enough goods and services so that everyone would be rich and that the reformed poor would get their fair share?

What about all those folks who lost their life savings due to the Enron collapse? They will no doubt become poor. Did they have bad attitudes, too? I guess they all ought to just pull themselves up by their bootstraps and get on with it, even those over 60, and not burden the rest of us with their bad attitudes.
  #24  
Old January 19th, 2002, 07:56 AM
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Well said, SSanf.

[ 01-19-2002: Message edited by: SpongeBo ]
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  #25  
Old January 19th, 2002, 08:37 AM
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Ssanf
Quote;
"What about all those folks who lost their life savings due to the Enron collapse? They will no doubt become poor. Did they have bad attitudes, too?"

No, they didn't have bad attitudes... They were probably very good folks, with positive attitudes, but a bit too optimistic for their own good, and they made two terrible mistakes . One of trusting someone too much , and the other of putting all their eggs into one basket.


They could have turned it around, and some did, but most of them trusted their leader as he told them essentially, "Put this blindfold on, and follow me ... I'll hold your hand and guide you through the clouds ". What a horrible surprise to them , when they realized they had been led to the end of a slippery plank on a big old ship , and suddenly they slipped off .


Also, I think you get the wrong impression of me, and I would like to clear that up.

I am far from wealthy, but I know that is hard for many people outside of New York to understand , and many people have the impression , that Long Island women are all just spoiled, rich , and bored.

It's just not the truth. While there are many well off people, most of them must work hard and sometimes even struggle to get the things they want, and keep them .


They could pack it up, and move to a dumpy apartment where an ordinary factory job will cover the bills (barely), but they won't, because they refuse to "give in" to poverty, and yes, they do try to "Keep up with the Jones's". So what's wrong with that ?

My neighbors may not work in factories, some of them just own factories, but I do see them going to work each and every day , and they are VERY REAL PEOPLE indeed.

I know a women on the next block , who I did some volunteer work with at the school, and through our children , that , because her husband DID work so hard, he died for his job. His name was Patrick O'Shea, Vice President of Futures at Carr Futures , at the World Trade Center .

Was he "NOT REAL" by your definition ?

Lisa
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