NEW YORK, April 3 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
Current USA submitted the highest bid for closely held
Lillian Vernon at an April 1 auction, another filing with the
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
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)