1-800-Flowers Sells Home and Children's Gifts Business
1-800-Flowers reported today that it has signed a definitive letter of agreement to sell its home and children's gifts business to PH International, LLC for around $17 million. The sales includes the following properties: Plow and Hearth, Problem Solvers, Wind and Weather, HearthSong and Magic Cabin brands. The division's offices and warehouse facility in Madison, VA and a warehouse distribution center located in Vandalia, OH are also included in the sale. The sale is expected to close near the end of January, 2010.
Jim McCann, CEO of 1-800-Flowers.com, said, "We're very pleased to have concluded this agreement and believe this will enable us to focus all of our efforts and investments on the business categories that we believe offer the best opportunities for growth and profitability, including our 1-800-Flowers.com consumer floral business, our BloomNet wire service and our Gourmet Food and Gifts Baskets segment - which includes our recently launched 1-800-Baskets.com brand."
Internet Retailersays 1-800-Flowers.com began downsizing its home and children's gifts business earlier this year.
1-800-Flowers reported today that it has signed a definitive letter of agreement to sell its home and children's gifts business to PH International, LLC for around $17 million. The sales includes the following properties: Plow and Hearth, Problem Solvers, Wind and Weather, HearthSong and Magic Cabin brands. The division's offices and warehouse facility in Madison, VA and a warehouse distribution center located in Vandalia, OH are also included in the sale. The sale is expected to close near the end of January, 2010.
