Concepts Direct Passes On Wilands’ Bid

Longmont, CO-based stationery cataloger Concepts Direct is still seeking a buyer after passing up an offer from the multititle cataloger’s current chief executive and his wife. A special committee of the board of directors announced Feb. 18 that chairman/president/CEO Phillip A. Wiland and his wife Linda S. Wiland have allowed their nonbinding offer to buy the company to expire.

The Wilands had submitted an offer to the board of directors to buy Concepts Direct for $0.68 per share on Dec. 19. The Wilands indicated in their letter of intent that they or their affiliates would pay approximately $2.1 million in cash for the roughly 3.1 million shares of the company owned by investors. At closing, the Wilands would have paid off the principal balance of a promissory note of approximately $1.3 million, plus all accrued interest. Philip Wiland would not comment.

The committee continues to consider strategic alternatives for Concepts Direct, which sells gifts, home décor items, and stationery through the Colorful Images, Linda Anderson, Snoopy Etc., Garfield Stuff, Linda Anderson’s Collectibles, and the Music Stand catalogs. New York-based investment bank Gruppo, Levey & Co. is advising Concepts Direct on the sale.

Partner Content

Hincapie Sportswear Finds Omnichannel Success in the Cloud - Netsuite
For more and more companies, a cloud-based unified data solution is the way to make this happen. Custom cycling apparel maker Hincapie Sportswear has leveraged this capability to gain greater visibility into revenue streams, turning opportunities into sales more quickly while gaining overall operating efficiency. Download this ecommerce special report from Multichannel Merchant to more.
The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.