Lillian Vernon Finds Buyer

New York City Lillian Vernon Corp. will be sold to Current USA Inc., a unit of privately held Taylor Corp.

The purchase price is $15.8 million, excluding adjustments relating to inventory and personal property, according to a sales contract filed with the U.S. bankruptcy court in Wilmington, Del.

Current USA submitted the highest bid for closely held Lillian Vernon at an April 1 auction, another filing with the court showed.

Taylor said Current USA plans to continue operations in Lillian Vernon's facility in Virginia Beach, Va., following the purchase, which is scheduled to close on April 10.

Lillian Vernon filed for bankruptcy in February.