Bankrupt catalog co. Lillian Vernon finds buyer

NEW YORK, April 3 Fri Apr 4, 2008 1:23am BST

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NEW YORK, April 3 (Reuters) - Lillian Vernon Corp, a catalog and online retailer that filed for bankruptcy protection in February, agreed to be sold to Current USA Inc, a unit of privately held Taylor Corp, Taylor said on Thursday.

The purchase price is $15.8 million, excluding adjustments relating to inventory and personal property, according to a sales contract filed with the U.S. bankruptcy court in Wilmington, Delaware.

Current USA submitted the highest bid for closely held Lillian Vernon at an April 1 auction, another filing with the court shows.

Taylor said Current USA plans to continue operations in Lillian Vernon's facility in Virginia Beach, Virginia, following the purchase, which is scheduled to close on April 10.

Lillian Vernon products include such things as housewares, children's products, decorative gifts and jewelry.

It filed for court protection after being hurt by falling sales and worsening credit market conditions. Another catalog retailer, Sharper Image Corp SHRPQ.PK, filed for bankruptcy protection the same week. (Reporting by Jonathan Stempel; Editing by Gary Hill)

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