This is an excerpt from an article in the Minneapolis Star Tribune: "The parent company is looking for a buyer for its collectibles subsidiary after it was unable to sell its entire enterprise. Former management thought they couldn't do anything wrong, which jumped back and bit them. Department 56, the venerable retailer known for collectible giftware and limited-edition Christmas decorations, was put on the selling block by its parent firm, Lenox Group.
Struggling Lenox said Monday that it is in "advanced discussions" regarding the sale of Department 56 after it was unable to find a buyer for all of Lenox, which includes Lenox and Dansk tableware and Gorham silver settings.
Lenox has been looking for financial suitors since January when its board hired Berenson & Co. to review strategic options "including a sale of the [entire] company, a sale of a portion of the company, and raising additional equity capital."
"While market conditions have hampered this process, Lenox is continuing to explore its strategic options," Lenox said in a statement.
The sale of Department 56 would take the retailer full circle from shopper to shopped three years after it bought Lenox for $205 million. The merged company, which took the Lenox name, has been the victim of lean economic times, particularly for higher-end items like fine china and crystal stem ware...read the complete article
Struggling Lenox said Monday that it is in "advanced discussions" regarding the sale of Department 56 after it was unable to find a buyer for all of Lenox, which includes Lenox and Dansk tableware and Gorham silver settings.
Lenox has been looking for financial suitors since January when its board hired Berenson & Co. to review strategic options "including a sale of the [entire] company, a sale of a portion of the company, and raising additional equity capital."
"While market conditions have hampered this process, Lenox is continuing to explore its strategic options," Lenox said in a statement.
The sale of Department 56 would take the retailer full circle from shopper to shopped three years after it bought Lenox for $205 million. The merged company, which took the Lenox name, has been the victim of lean economic times, particularly for higher-end items like fine china and crystal stem ware...read the complete article
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