1-800 Flowers Buys Chicago Chocolatier
Business Week reports
1-800-FLOWERS.COM , a leading multi-channel retailer of thoughtful gifts for all occasions, today announced the signing of a definitive agreement to acquire Fannie May Confections Brands, Inc., a multi-channel retailer and manufacturer of chocolate and other confections under the well-known Fannie May, Harry London and Fanny Farmer brands. The acquisition, for approximately $85 million in cash, includes a modern 200,000-square-foot candy manufacturing facility in North Canton, Ohio and 52 Fannie May retail stores in the Chicago area, where the chocolate brand has been a tradition since 1920. Fannie May Confections Brands, Inc. is expected to generate revenues of approximately $75 million in its current fiscal year ending April 30, 2006. The acquisition is expected to close on or about May 1, 2006, subject to the satisfaction of customary closing conditions.