Standard Brands Paint said it has reached...

Standard Brands Paint said it has reached an agreement in principle to sell the operating assets of its Enterprise Wallcoverings subsidiary in a leveraged buyout for an undisclosed price. The buyers include members of the subsidiary’s present management. The Torrance-based chain of 139 paint stores said the sale should close by the end of its fiscal year on Jan. 31, and is part of a strategy to refocus on its home decorating centers and art stores. Standard Brands is currently going through a radical and expensive recapitalization after coming under hostile takeover pressure twice in the last five months.