Macy’s sells Frango chocolate brand to Garrett Brands
Macy’s on Monday announced that it has entered into an agreement to sell Frango, its premium chocolate brand, to Garrett Brands.
As per the agreement, Garrett Brands will develop, create, sell and distribute Frango products. Macy’s will continue to sell Frango products at its 350 locations in the US, including the Frango Café at Macy’s State Street in Chicago, and on the Macy’s website. Macy's acquired Frango in 2005 through the acquisition of May Co.
“We are happy to have found such a natural partner in Garrett Brands and are confident they will be great stewards of the Frango brand,” said Tim Baxter, chief merchandising officer at Macy’s, Inc. “We will continue to offer Macy’s customers the Frango products they love online and at Macy’s stores in Chicago, Seattle and across the country. And, given Garrett Brands’ history of thoughtfully growing brands, we are confident that this partnership will introduce new customers to premium Frango chocolates.”
The new partnership follows a difficult holiday season for Macy’s that resulted in store closures and downsizing. The department store chain cut up to 10,100 jobs to streamline its business and save up to $550 million.
Macy's CEO Terry Lundgren said, "Whether it is improving corporate agility, enhancing our customer engagement strategies, or continuing to capitalize on the potential value of our real estate assets, we remain focused on the actions that will ultimately improve our financial results."
Comparable sales in November and December combined fell 2.1% for the company, and a similar decline is expected this year.
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