No buyer for Lenox Group; company in talks to restructure debt

By Lisa Kerner

Charlotte, N.C., July 28 - Lenox Group Inc. said it is continuing to explore other strategic alternatives after being unable to find a buyer for the company as a whole at an acceptable price.

The company announced in January that it would explore strategic alternatives with the assistance of Berenson & Co. LLC.

According to Lenox Group, while difficult market conditions have hampered the review process, it is in advanced discussions regarding the sale of its Department 56 business.

Lenox said it also began discussions with its term loan and credit facility lenders to restructure its outstanding debt.

The company was in compliance with its financial covenants under those facilities as of June 28, the end of its second fiscal quarter, a Lenox news release stated.

Eden Prairie, Minn.-based Lenox is a gifts and collectibles distributor.

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