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Silvestri Finds New Buyer

By Staff -- Gifts & Decorative Accessories, 6/1/2005

Beverly, MA — The Silvestri division of Syratech, currently under Chapter 11 bankruptcy proceedings, was sold to Gift Acquisition LLC, a division of investment and technology development firm The D.E. Shaw Group, New York. Shaw also owns toy retailer FAO Schwarz, mytwin.com, and etoys.com. Silvestri becomes a wholly owned subsidiary of etoys.com. All Silvestri employees and artist licenses remained with the company, and it will maintain all of its current showrooms and overseas offices.

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