Carle Place, NY – 1-800-FLOWERS.COM Inc. is buying Harry & David for $142.5 million to help broaden the assortment of foods that its customers can choose as gifts.
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The deal includes Harry & David Holdings Inc.’s brands, websites, 47 retail stores, some plants, orchards and its headquarters in Medford, Oregon.
Harry & David’s fruit, food and other gifts are housed under brands including Wolferman’s, Cushman’s and its namesake. Products include Harry & David Royal Riviera pears, Tower of Treats gifts, Fruit-of-the-Month Club products, Wolferman’s specialty English muffins and other breakfast products and Cushman’s HoneyBells citrus gifts.
1-800-FLOWERS’ brands already include Fannie May, Cheryl’s and The Popcorn Factory.
Harry & David will become a subsidiary of 1-800-FLOWERS. Its current senior management staff will remain with the business.
The transaction is expected to close in October. It is anticipated to add to 1-800-FLOWERS earnings and revenue in the current fiscal year.
Shares of 1-800-FLOWERS, based in Carle Place, New York, jumped 88 cents, or 17.2 percent, to $6.02 in midday trading Tuesday after hitting a 52-week high of $6.07 earlier in the day.