1-800-Flowers to buy gourmet food supplier Harry & David

Gifts retailer 1-800-Flowers.com Inc said it would buy Harry & David Holdings Inc., known for its gourmet food brands such as Wolferman's English muffins and Cushman's HoneyBells citrus products.

The deal is valued at about $142.5 million, according to Reuters.

In early 2011, Harry & David filed bankruptcy as the recession hurt its fruit-basket sales. It exited bankruptcy later that year.

1-800-Flowers.com's shares rose as much as 11 percent in early trading on Tuesday.

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