Chicago-based Archibald Candy Corp. has agreed to sell its Fannie May and Fanny Farmer brands to Salt Lake City-based Alpine Confections. Terms of the agreement were not disclosed. Archibald’s third brand, Laura Secord, is not involved in the transaction.
On Jan. 5, Archibald announced it was closing its manufacturing plant in Chicago, putting 625 employees out of work. As Archibald has previously stated, Fannie May and Fanny Farmer stores will close between now and mid-February, although Alpine may reopen some stores. The fate of the Fann ie May direct business is unknown. Alpine produces and licenses such candies brands as Maxfield’s, Mrs. Fields, Harry London, Hallmark Chocolatier, Dolce d’Or, and Botticelli.
Archibald Candy was advised by New York-based banking firm Paragon Capital Partners, LLC. Neither Archibald nor Alpine had returned calls at press time.