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CSS Sells Christmas Gift Wrap Business

GDA Staff -- Gifts and Dec, 9/12/2011 11:07:11 AM

Philadelphia, PA - Stationery manufacturer CSS Industries Inc. sold the Christmas gift wrap portion of its Cleo Inc. business to seasonal product vendor Impact Innovations Inc.
However, Cleo will remain responsible for the manufacture, sale and distribution of all Cleo Christmas gift wrap for the Christmas 2011 season, and will retain the right to use the "Cleo" name during the Christmas 2011 season. Terms of the transaction were not disclosed.
"We decided that the sale of Cleo's Christmas gift wrap business was appropriate at this time, as it will allow management to focus our time and resources on more profitable product categories," said Christopher J. Munyan, president and CEO of CSS.
The move follows CSS' decision to close its Cleo factory in Memphis earlier this year.

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