14186 Fri, 04/04/2008 - 12:03pm
VIRGINIA BEACH, Va.–Bankrupt cataloger Lillian Vernon will be sold to home decor and gift firm Current USA Inc., a division of Taylor Corp., Taylor reported today.
The acquisition is scheduled to close April 10. Financial details of the deal were not available at press time.
Current USA plans to continue operating the business out of Lillian Vernon’s facility here.
Lillian Vernon filed for bankruptcy in February, prompted by the company’s inability “to secure financing to keep the business going,” a company spokesman said at the time.
The retailer cut its staff by 50 percent then.