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Divestitures and Assets Held-For-Sale
3 Months Ended
May 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures and Assets Held-For-Sale Divestitures and Assets Held-For-Sale

On February 14, 2020, the Company entered into a definitive agreement to sell its PersonalizationMall.com business to 1-800-FLOWERS.COM, Inc. for $252 million, subject to certain working capital and other adjustments. The buyer was required to close the transaction on March 30, 2020, but failed to do so. Accordingly, the Company has filed an action to require the buyer to close the transaction.

On April 13, 2020, the Company completed the sale of One Kings Lane (“OKL”). Proceeds from the sale were not material.

As of May 30, 2020, certain assets and liabilities related to PMall were classified as held-for-sale on the Company’s consolidated balance sheet. The Company expects to complete the sale of this disposal group within the next 12 months. The business classified as held-for-sale was classified in continuing operations as the disposition does not represent a strategic shift that will have a major effect on the Company’s operations and financial results.