Here's the article:
NEW YORK (Reuters) - An investor group led by the privately held Gordon Brothers Group LLC and Palladin Capital Group Inc. on Monday said it had purchased specialty gift shop Spencer Gifts LLC from Vivendi Universal Entertainment for an undisclosed amount.
Gordon Brothers, a Boston-based retail finance and asset management company, and Palladin, a New York-based merchant bank, said they have hired Steven Silverstein, the former president of Linens 'n Things, to head the chain, which is based in Egg Township, New Jersey.
The transaction comes amid a larger effort by Vivendi Universal (V) (EAUG), the debt-laden media and entertainment conglomerate, to raise cash by shedding assets in the United States.
Spencer boasts more than 700 specialty gift and Halloween shops in the United States, Canada and the United Kingdom, and generates about $400 million in annual revenue.
©2003 Reuters Limited.
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