Flower delivery mainstay FTD files for bankruptcy after dismal Valentine’s Day sales fail to save it [Financial Post (Toronto, Ontario, Canada)]
FTD COMPANIES (FTD)
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Source: Financial Post
Flower delivery mainstay FTD files for bankruptcy after dismal Valentine's Day sales fail to save it FTD tried and failed to sell its entire business and instead will sell itself in pieces FTD Cos., the flower delivery mainstay that operates ProFlowers and FTD.com, filed for bankruptcy protection in Delaware after a lacklustre Valentine’s Day foiled efforts to find a buyer and repay debt. FTD tried and failed to sell its entire business and instead will sell itself in pieces, it said in court documents on Monday. The company reached a deal to sell its restructured North American and Latin American businesses, including ProFlowers, to a Nexus Capital Management affiliate for US$95 million, according to a court declaration by Chief Executive Officer Scott D. Levin. It’s also selling its U.K.-based Interflora business to a subsidiary of The Wonderful Co. for US$59.5 million. The company received letters of intent from strategic buyers for additional assets, Levin said. FTD, which has 872
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