American Greetings to acquire Recycled Paper Greetings
CLEVELAND American Greetings announced it has reached an agreement to acquire Recycled Paper Greetings, a Chicago-based creator of humorous greeting cards with annual net sales of approximately $80 million.
Recycled Paper’s humor cards are distributed primarily through mass retail partners, drug stores and specialty retail stores. The transaction is subject to various closing conditions including a Chapter 11 reorganization process being successfully completed for Recycled Paper and other closing conditions.
American Greetings plans to continue to use the Recycled Paper Greetings name.
CEO Zev Weiss said, “The acquisition of Recycled Paper Greetings will be an excellent addition to our current product offering. This transaction will give American Greetings an enlarged product design capability and a compelling product offering that is expected to delight consumers and enhance productivity for our retail partners.”
Herd to retire as Polk Audio president
BALTIMORE Polk Audio, announced that its president, Jim Herd, will retire at the end of the year, leading to a realignment of its senior management team.
“After a total of 30 years in the loudspeaker industry, including 16 years here at Polk Audio, I am fortunate enough to be able to retire and attend to more personal interests,” said Herd.
Polk Audio will be structured under the following three primary areas: marketing, sales, and product line management will report to Ben Newhall, vp of sales; engineering, project management, and purchasing will report to Jeff Nemec, vp of new product development; and operations and finance will report to Joe Tristani, COO.
Amazon.com claims 2008 was best holiday ever
SEATTLE Amazon.com has managed to defy economic trends, by claiming that the 2008 holiday season was its best ever. According to the company, more than 6.3 million items ordered worldwide on the peak day, Dec. 15, which is a record-breaking 72.9 items per second.
Among Amazon.com’s top sellers this holiday season were the Eyeclops night vision stealth goggles, the Apple iPod touch 8 GB (2nd Generation) and “The Tales of Beedle the Bard” by J.K. Rowling.