Lillian Vernon sale off

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Lillian Vernon Corp., New Rochelle, N.Y., and Freeman Spogli Co., Inc., on Monday terminated the agreement under which Freeman, an investment company, would become the majority stockholder of Lillian Vernon. Reasons cited for the termination were increase in paper prices, general uncertainty in the retail sector and Lillian Vernon's expectation that its net income would not reach projected levels for 1996 fiscal year. Lillian Vernon sales for the year ended Feb. 25 rose 13.3% to $222 million.

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