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Limited M&A Excitement
Don’t get me wrong. Some deals are getting done, but they’re hardly exciting.
Virginia Beach, Va.-based personalized gifts cata-loger Lillian Vernon, operating in bankruptcy, was sold to Current USA, a subsidiary of Taylor Corp., on April 3 for $15.8 million. Quick question: How many do-overs can Lillian Vernon get and still be relevant? This could be its last chance. Lillian’s customers might not see its financial difficulties, but its creditors certainly do. Current may have great relations with its payors, but creditors have long memories. Then again, so does Lillian herself, and she can’t be terribly happy with what’s become of her once thriving start-up.
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Mark Del Franco
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