Best Products Co. said it has signed...

Best Products Co. said it has signed a definitive merger agreement with two new firms formed by Adler & Shaykin, a New York investment company, for $684.8 million in what both parties termed a friendly buyout. Best, a Richmond, Va.-based discount retailer, operates 194 catalogue showrooms, including 31 in California. It also has 30 jewelry and gift ware stores, of which eight are in California.