Woolworths' Chad Valley Brand Sold to Argos For

Woolworths' toy brand Chad Valley has been sold to Home Retail Group, which includes catalog retailer Argos.

Administrator Deloitte sold the Chad Valley name and associated trademarks in the U.K. and internationally to Home Retail for £5 million ($7 million) cash. 

"The brand has a very strong heritage, with independent research confirming high recognition among U.K. consumers," says Home Retail in a statement. "Chad Valley will complement Argos' existing toy business and help to consolidate Argos' position as the No. 1 toy retailer in the U.K."

Deloitte told License! Global that discussions are continuing with interested parties for the Ladybird and Woolworths brands.

Woolworths went into administration on Nov. 27, 2008.