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FTD has filed for bankruptcy protection as it prepares to sell off pieces of the company and deal with its debt.
The company filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware on Monday but emphasized that customers will continue being able to order and receive flower bouquets, boxes of sweets and other gifts despite the restructuring.
"The important actions we are taking today are designed to enable us to continue supporting our network of florists and business partners and serving consumers while we work to complete the initiatives coming out of our strategic review," Scott Levin, FTD's President and CEO said in a statement.

Cite: https://www.usatoday.com/story/money/201...331999001/

FTD Cos., the flower delivery mainstay that operates ProFlowers and FTD.com, filed for bankruptcy protection in Delaware after a lackluster 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 $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 Teleflora, a subsidiary of The Wonderful Co., for $59.5 million, according to a news release. The company received letters of intent from strategic buyers for additional assets, Levin said.

FTD, which has 872 full- and part-time workers worldwide, listed assets and liabilities of as much as $500 million in its Chapter 11 petition early Monday. The company had faced a June 1 deadline to raise enough money to repay about $150 million of loans. It also had $72 million in unsecured trade debt at the time of filing,

Chapter 11 bankruptcy allows a business to continue operating during the process of reorganizing.

Cite: https://www.bloomberg.com/news/articles/...ell-assets

Flower and gift delivery company FTD filed for bankruptcy protection Monday with an agreement to sell some businesses while paying down debt and pursuing sales of its other brands.
The nearly 110-year-old company began restructuring and reviewing strategic alternatives last year. FTD warned in March that it could go out of business or shrink its operations this summer if it didn’t find a buyer or raise enough money to pay back $217.7 million in debt due in September.
It made the Chapter 11 filing “to provide an orderly forum to facilitate sales of our businesses as going concerns and to enable us to address a near-term debt maturity,” Scott Levin, FTD's president and chief executive, said in a news release. “Importantly, everyone involved with this process understands the critical role of our talented member florists, and we intend to continue supporting them as normal throughout this process.”
FTD, based in Downers Grove, Ill., said it has lined up $94.5 million in financing from existing lenders to fund operations while it restructures and works to sell pieces of its business.
A California-based private equity firm, Nexus Capital, has agreed to buy FTD’s North American and Latin American consumer and florist businesses, including ProFlowers, for $95 million, FTD said.
It has also signed letters of intent with potential buyers for its Personal Creations and Shari’s Berries businesses. Any sales will be subject to bankruptcy court approval.
In the meantime, FTD said its businesses are continuing to operate as usual, taking new orders and filling those already placed.
FTD’s Interflora business, which is based in Europe and is not part of the Chapter 11 filing, has been sold to a subsidiary of Los Angeles-based Wonderful Co. for $59.5 million, the company said.
FTD got its start in 1910, when 13 florists agreed to exchange orders for out-of-town deliveries, according to the company history. It acquired online florist ProFlowers and sister brands Shari’s Berries and Personal Creations for $430 million in 2014, in hopes of bringing in more customers with a wider variety of floral and gift products, Levin wrote in a court filing.
But the company struggled to integrate the new businesses. It also faced new competition from other companies delivering fresh flowers directly to consumers and growing customer resistance to delivery fees as Amazon and other e-commerce companies encouraged them to expect fast, free shipping, Levin said.

Cite: https://www.latimes.com/business/la-fi-f...story.html
Another one bites the dust!
YUP, nothing wrong here a good demoncrapper can't fix with a few more illegals whom wouldn't know how to send flowers anyway!
parts of the economy is crashing and others are just fine.
Unlike most others, they are not going out of business, just changing hands.

It will still be around.