FANNY FARMER CANDY SHOPS TO JOIN FANNIE MAY CANDIES THROUGH SALE TO ARCHIBALD CANDY CORP.
FANNY FARMER CANDY SHOPS TO JOIN FANNIE MAY CANDIES THROUGH SALE TO ARCHIBALD CANDY CORP. CLEVELAND, Aug. 4 /PRNewswire/ -- Chocamerican, Inc., the U.S. holding company of Midial, S.A. of France, has agreed to sell certain assets of the Fanny Farmer Candy Shops, Inc. to the Archibald Candy Corporation, which operates Fannie May Candy Shops, it was announced today in a joint statement. The Midial U.S. Retail Group will continue to operate the other subsidiaries of Chocamerican, Inc., which includes The Original Cookie Company, Inc. and Hot Sam Companies, Inc. These companies serve their customers in more than 540 stores across the U.S. Both are headquartered in Cleveland. Midial, S.A. stock is traded on the Paris Stock Exchange. The sale includes Fanny Farmer trademark rights and more than 200 Fanny Farmer retail stores located throughout New England, the Midwest, New York and Florida, but excludes the manufacturing operation in Norwalk, Ohio. The Midial U.S. Retail Group will continue to manage the candy manufacturing in Norwalk, Ohio, for private label contract customers. Fannie May consists of more than 250 retail candy stores, primarily located in the Midwest, Mid-Atlantic and Florida regions. Tom Quinn, chairman of Fannie May, said that the two candy retailers would continue to operate under their present names. Fannie May expects to retain the approximately 1,000 employees currently operating the Fanny Farmer retail stores. "We feel that both Fannie May and Fanny Farmer stand for quality and are well-respected names in their markets," said Quinn. "We are extremely pleased to be expanding our retail candy operation with this excellent brand." The president of the operating companies of the Midial U.S. Retail Group, Jim O'Sullivan, said, "The sale will trigger the redeployment of a number of Fanny Farmer people into other retail companies within the group." Fannie May's candy manufacturing facility is located in Chicago. This operation will need to add approximately 150-200 employees to meet the added demand from the Fanny Farmer business. The first Fanny Farmer Candy Shop was opened in Rochester, N.Y. in 1919. The company was founded by a Canadian, Frank O'Connor, who named his candy shops after Fannie Merritt Farmer, a pioneer Boston cooking expert. It was sold in 1984 to Chocamerican, Inc., the U.S. holding company of Midial, a major food and confectionery manufacturer with interests in several European countries. Fannie May began operations in 1915. In 1991 the company was acquired by an investor group led by The Jordan Company, a Chicago and New York-based investment firm. In addition to Fannie May, the partners of The Jordan Company also own more than 40 companies in a wide range of industries throughout the U.S., including industrial manufacturing and consumer product companies, representing more than $1.5 billion in sales. It is expected that the sale will be concluded before the end of September 1992. -0- 8/4/92 /CONTACT: R.J. "Buz" Buzogany of Wyse Landau Public Relations, 216-736-4422, for Fanny Farmer Candies; Bud Stuppy of Midial U.S. Retail Group, 216-883-9700, ext. 4310; or Tom Quinn of Fannie May Candies, 708-945-5522/ CO: Fanny Farmer Candies ST: Ohio IN: FOD SU: TNM
KK -- CL006 -- 6639 08/04/92 12:00 EDT
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|Date:||Aug 4, 1992|
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