An auction to purchase bankrupt gift cataloger Lillian Vernon Corp. has been won by Taylor Corp., the Mankato, MN-based marketer that owns Current, G. Neil, Paper Direct, and Sa-So catalog titles (with total sales direct sales of about $700 million).
Virginia Beach, VA-based Lillian Vernon, which was purchased by Sun Capital Partners in May 2006, filed for Chapter 11 bankruptcy protection on Feb. 20. Michael D. Muoio, Lillian Vernon’s CEO, reports that the tentative sale must be approved by U.S. Bankruptcy Court in Wilmington, DE.
Thursday, April 03, 2008
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It was Current (a subsidiary of Taylor Corp.) that ended up buying Lillian Vernon (for $15.8 million), and will be doing a soft relaunch of the catalog to the 600,000 house file in mid-June. Current will be moving Lillian Vernon’s merchandising, creative, marketing, and eCommerce depts. to its headquarters in Colorado Springs, CO. But the company will maintain the Lillian Vernon’s operations in Virginia Beach, VA., which includes the distribution center, call center, IT, and some human resources functions.
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