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Fingerhut renamed BluestemFeb 19, 2010 (St. Cloud Times - McClatchy-Tribune Information Services via COMTEX) -- Fingerhut Direct Marketing Inc. has changed its name to Bluestem Brands Inc., the company announced Thursday. The name change reflects a larger mission to be known as a multibrand retailer, company leaders said. Bluestem operates two retail brands: Fingerhut and Gettington.com, an e-commerce brand that launched in the fall. Loren Eggert, vice president of operations for Bluestem Fulfillment Inc., said the change signifies a new direction for the company. It is striving to drive its sales online, which is one reason for adding an e-commerce brand. Although Fingerhut has a Web site, its business is still driven by catalog sales, Eggert said. "The Internet is an area that's growing in leaps and bounds," he said. "As we see our future growth as an organization, continuing to become more Web-centric is where we think we will be most successful." Eggert said this also shows new growth for the business. Blue stem is a type of Midwest prairie grass. "At the end of the day, it means that our Fingerhut brand and our Gettington brand is growing," he said. "We've got a solid business." The Fingerhut name has a long history in St. Cloud under several ownerships. It started St. Cloud operations in 1960. At its peak, it was St. Cloud's largest employer with 4,500 local workers in seasonal and year-round positions. In 2002, Federated Department Stores Inc. laid off 2,670 St. Cloud workers as it shut down operations. Former chief executive Ted Deikel and St. Cloud native Tom Petters bought Fingerhut assets from Federated, formed new companies and restarted catalog distribution in late 2002. Slightly more than 500 of Bluestem's 850 employees work in St. Cloud, Eggert said. That's an increase from 2007, when 725 people worked at then-Fingerhut and fewer than 500 people worked in the St. Cloud office. The name change will not mean a move or a shift in staff levels, said Brian Smith, chief executive officer. Bain Capital Ventures and Battery Ventures remain majority investors. "Our customers won't know anything happened," he said. Eggert said by Feb. 24, Fingerhut signs in St. Cloud will be changed to reflect the new name and brand. To see more of the St. Cloud Times or to subscribe to the newspaper, go to http://www.sctimes.com . Copyright (c) 2010, St. Cloud Times, Minn. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |