Lillian Vernon Corp., Rye, NY, said yesterday it intends to acquire the assets of 15-year-old Rue de France, Newport, Rhode Island, a home furnishings cataloger. Rue de France founder Pamela Kelley will become president of Lillian Vernon Corp.'s LVC, a newly-formed subsidiary that will acquire the company's assets. Terms of the deal were not disclosed. A purchase agreement has not yet been finalized, and the agreement must be approved by Lillian Vernon's board of directors. The transaction is expected to close during the 49-year-old company's first quarter fiscal year 2001, which begins on February 27.
"We are pleased to be adding Rue de France's exciting line of upscale home furnishings to our product offerings, as well as helping us to expand our customer base," said Lillian Vernon, chairman and CEO, in a statement.