The parent company of Minnetonka-based Fingerhut says it is preparing to shut down the catalog retailer. Federated Department Stores says Fingerhut could stay open if a buyer could be found, but Federated doesn't expect to find anyone willing to buy the operation. Fingerhut employs 47-hundred in Minnesota. Minnesota Public Radio's Bill Catlin is with me in the studio with more on this story. Federated paid about one point 7 billion dollars for Fingerhut in march of 1999. That was when dot-coms were hot and e-commerce still held lots of promise. Fingerhut had e-commerce expertise and a big order fulfillment operation and was considered a desirable property. But e-commerce has largely been a washout and Fingerhut became a drain on its parent company. Federated, by the way runs the Bloomingdales and Macy's chains. Spokeswoman cArol Sanger says there's nothing in particular that went wrong with Fingerhut. SANGER 1 9453 profitability there. Fingerhut has nearly 27 hundred workers in St. Cloud. Most of the rest are in the twin cities area, including the Minnetonka headquarters, which employs about 700. Fingerhut has laid off hundreds of Fingerhut workers in the past as problems arose. Spokeswoman Sanger says Federated has taken a big hit with the failed merger, and says Fingerhut is not profitable.