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While difficult market conditions have hampered this process, Lenox is continuing to explore its strategic options, including engaging in advanced discussions regarding the sale of the Department 56 business. No assurance can be given that the company will receive any acceptable proposals for the Department 56 business or any other portions of the company.
Lenox is pursuing certain actions to strengthen its balance sheet and reduce indebtedness, and has commenced discussions with its term loan and credit facility lenders to restructure its outstanding indebtedness. The company also stated that it was in compliance with its financial covenants under those facilities as of June 28, 2008, the end of its second fiscal quarter.
Lenox is scheduled to announce its second fiscal quarter results on August 7, 2008. The company’s website is located at www.lenox.com.