US confectionery company Archibald Candy Corporation has announced that it has agreed to sell selected assets of its Fannie May/Fanny Farmer businesses to Alpine Confections for a cash sale price of approximately US$38.9m. 

The agreement is the culmination of a bankruptcy sale process that concluded with an auction on 1 April. The transaction was approved by the presiding bankruptcy judge and is expected to close within several weeks. 

Under the agreement, Alpine has agreed to purchase selected assets, including the Fannie May and Fanny Farmer brands, intellectual property and 31 company-owned retail stores.