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1-800-Flowers buying Harry & David for $142.5M
Carle Place, N.Y. • Goumet food and gift retailer Harry & David is being bought by 1-800-FLOWERS.COM Inc. for $142.5 million to help broaden the assortment of foods its customers can choose as gifts.
The deal includes Harry & David Holdings Inc.'s brands, websites, 47 retail stores, some plants, orchards and its headquarters in Medford, Ore. Harry & David's has a store at the Tanger Outlet mall outside of Park City.
Harry & David's fruit, food and other gifts are housed under brands including Wolferman's, Cushman's and its namesake. Products include Harry & David Royal Riviera pears, Tower of Treats gifts, Fruit-of-the-Month Club products, Wolferman's specialty English muffins and other breakfast products and Cushman's HoneyBells citrus gifts.
1-800-FLOWERS' brands already include Fannie May, Cheryl's and The Popcorn Factory.
Harry & David will become a subsidiary of 1-800-FLOWERS. Its current senior management staff will remain with the business.
The transaction is expected to close in October. It is anticipated to add to 1-800-FLOWERS earnings and revenue in the current fiscal year.
Shares of 1-800-FLOWERS jumped more than 12 percent Tuesday premarket trading.