Things Remembered, Gift Shop Chain, to Shrink in Bankruptcy Sale

Gift shop operator Things Remembered Inc., partly owned by private equity giant KKR & Co., filed bankruptcy with a plan to close the majority of its mall-based outlets, sell the rest and give its hourly employees a raise if they stay to help get it done.

A unit of another private equity firm, Balmoral Funds LLC, is offering $17.5 million for the business and about 128 Things Remembered locations, according to court papers filed Feb. 6. The Enesco unit intends to run the chain’s online, direct mail, and B2B retail businesses under the Things Remembered brand, according to a statement. ...