Lenox Group, Inc. (fka LENXQ)

[Estrella]

LENXQ NEWS!!
Carl Marks Advisory Group Guides Lenox Group, Inc. to Recovery


--Helps Manage Lenox Through Bankruptcy Sale Process to Clarion Capital Partners

NEW YORK, March 19, 2009 /PRNewswire via COMTEX/ -- Lenox Group, Inc., a market leader in high-quality tabletop, giftware and collectibles products, announced the completion of the sale of its assets in a voluntary Chapter 11 financial reorganization to a group led by Clarion Capital Partners. The "new" Lenox, which includes the Lenox, Dansk(R), Gorham(R) and Department 56(R) brands, will now operate outside of Chapter 11 bankruptcy. Carl Marks Advisory Group LLC (CMAG) worked closely with Lenox, its board and its financial and legal advisors, Berenson & Company and Weil, Gotshal & Manges, to complete the company's restructuring and sale. Carl Marks also provided interim management services.
After suffering consistently declining sales, profits and cash flow, Lenox Group engaged CMAG in a general management capacity in January 2007. Marc Pfefferle, a CMAG partner, was named interim chief executive officer.

"We immediately went to work to create cost reductions, revamped product development efforts and developed a long-term turnaround plan," Pfefferle said, noting the strategy eventually included voluntarily putting the company into Chapter 11.

"The plan's implementation promptly delivered results that included a major decrease in the company's operating costs and the introduction of a series of innovative and exciting new products," Pfefferle added.

However, shrinking demand for tabletop and collectibles products, as well as excessive debt levels, prompted the company to ultimately file a voluntary Chapter 11. Pfefferle said the Chapter 11 process was managed smoothly with the strong support of Lenox's customers and vendors. It also allowed Lenox to shed burdensome liabilities and further reduce operating costs.

"Lenox's successful revival can be credited to the diligent work and dedication of its entire management team and the lenders and advisors who supported the recovery efforts," said Pfefferle. "It's an exciting time for Lenox. The company's new CEO, Peter Cameron, is a seasoned executive with tremendous credibility in the tabletop industry. He will provide the leadership and guidance needed to develop the Lenox brands to their fullest potential."

About Carl Marks Advisory Group LLC and Carl Marks Securities LLC

Carl Marks Advisory Group LLC, with offices in New York and Charlotte, N.C., provides a wide array of investment banking and financial and operational advisory services to the middle market, including mergers and acquisitions advice, sourcing of capital, financial restructuring plans, strategic business assessments, improvement plans and interim management.

Carl Marks Securities LLC, based in New York, assists its clients in executing private placements of debt and equity. The firm is a member of FINRA and SIPC. Additional information about Carl Marks Advisory Group LLC and Carl Marks Securities LLC is available at www.carlmarks.com.

SOURCE Carl Marks Advisory Group LLC



URL: http://www.carlmarks.com
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