No Buyer for Lenox; Dept 56 Still on the Table
By Staff -- Gifts & Decorative Accessories, 8/1/2008 2:08:00 PM
Eden Prairie, MN — Gift and tabletop vendor
Lenox Group Inc. wasn’t able to find a buyer for the whole company at an acceptable price, the company said in a statement, “but continues to actively explore other strategic alternatives,” including what the company characterized as “engaging in advanced discussions regarding the sale of the Department 56 business.” However Lenox said it can’t be sure the company will get any acceptable proposals for Department 56 or any other part of the company. According to the statement, the company is also considering raising additional equity capital, working to strengthen its balance sheet and reduce indebtedness, and entering into discussions with lenders on how to restructure outstanding debt.
