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FINGERHUT ANNOUNCEMENT

 MINNEAPOLIS, Jan. 6 /PRNewswire/ -- Fingerhut Companies, Inc. (NYSE: FHT) announced that Theodore Deikel, chairman and CEO, today filed with the Securities and Exchange Commission documents reporting his exercise of stock options for 719,590 shares of Fingerhut stock, out of a total of 2.5 million options granted in November 1989. Deikel did not sell any of the shares acquired upon exercise of the stock options. Deikel paid the exercise price for the options by tendering to Fingerhut 261,691 shares of Fingerhut stock which he also purchased in November 1989 having a market value on the date of exercise of approximately $7,850,000. In exchange for the retirement of those shares, Fingerhut issued to Deikel, subject to shareholder approval, stock options for 261,691 shares exercisable at $30 per share. Through the option exercise, Deikel increased his investment in the company and now owns or has options on 2,791,691 shares or 11 percent of its common stock.
 The decision to exercise the option was made in anticipation of tax legislation which could limit available tax deductions by the company in 1993. "Within the last 30 days the company bought back 1.5 million shares in part because we believe the stock is undervalued," Deikel stated. "We are obviously confident of the company's future and my own commitment has not changed." The exercise is expected to result in tax savings for the company and Deikel.
 Fingerhut Companies, Inc., one of the nation's largest catalog marketing companies, sells brand name and private label merchandise primarily through direct mail to an active customer base of 13 million customers. The company employs approximately 8,000 people in Minnesota, Wisconsin and Tennessee. Fingerhut Companies, Inc. common stock trades on the New York Stock Exchange under the symbol FHT.
 -0- 1/6/92
 /CONTACT: Betty Bothereau of Fingerhut, 612-936-5586/
 (FHT)


CO: Fingerhut Companies, Inc. ST: Minnesota IN: REA SU:

AL -- MN002 -- 2035 01/06/93 08:02 EST
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Publication:PR Newswire
Date:Jan 6, 1993
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