A federal judge approved the sale of Internet and catalog retailer Lillian Vernon to Minnesota-based Taylor Corp. for $15.8 million, according to The Virginian-Pilot.
Current USA Inc., a subsidiary of Taylor Corp., plans to continue operations from the company’s Virginia Beach headquarters. Current USA also sells goods through its catalog and Web site.
The sale, scheduled to close April 10, includes Lillian Vernon’s inventory, brand name and customer information.
The Pilot reported this would be Lillian Vernon’s fourth owner in five years.
The company filed for bankruptcy in February after lower-than-expected holiday sales.
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