Lillian Vernon Corp., Rye, NY has signed a letter of intent to acquire Rue de France, Inc., a privately owned catalog company based in Newport, Rhode Island. The acquisition is subject to approval by Lillian Vernon’s board of directors. The purchase price was not disclosed.
Rue de France is a 15 year-old retailer of home furnishings that markets its products through catalogs, a Web site and a retail store in Newport. Pamela Kelley, Rue de France’s founder, will be joining Lillian Vernon Corporation under a multi-year employment contract as president of a newly formed LVC subsidiary which will acquire the assets of Rue de France.
Lillian Vernon expects to close the transaction during the first quarter of its fiscal year 2001. Its fiscal year begins in late February, 2000.
Lillian Vernon Corporation is a 49 year-old specialty catalog and online retailer that markets gift, household, gardening, kitchen, Christmas, and children’s products.
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