Taylor Corp. to Buy Lillian Vernon

It looks like multititle business stationery products mailer Taylor Corp. has won the auction to purchase bankrupt gift cataloger Lillian Vernon Corp.

Michael D. Muoio, Lillian Vernon’s CEO told the Virginian-Pilot the tentative sale must be approved by U.S. Bankruptcy Court in Wilmington, DE. The court is scheduled to hear the matter on Thursday.

Virginia Beach, VA-based Lillian Vernon, which has been owned by Sun Capital Partners in May 2006, filed for Chapter 11 bankruptcy protection on Feb. 20.

It reached a tentative agreement last month to sell the business to Lemont, IL-based cataloger Creative Catalogs Corp.—which owns personalized gifts merchant Personal Creations.com–for a base price of $9.3 million. Lillian Vernon officials were granted permission to hold an auction to gauge buying interest in the company.

Mankato, MN-based Taylor Corp. includes the Current, G. Neil, Paper Direct, and Sa-So catalog titles; its direct sales are about $700 million.