FTD, founded 100 years before swipe right, seeks bankruptcy
DOWNERS GROVE, Ill. (AP) — The century old flower company FTD is filing for Chapter 11 bankruptcy protection following a rough Valentine’s Day and will break the business into pieces.
Originally called the Florists Telegraph Delivery Association, FTD has failed to turn a profit in four years.
FTD Co. said Monday that it’s sold its North America and Latin America businesses, including ProFlowers, to an affiliate of Nexus Capital for $95 million. It sold its Interflora business in the U.K. to a subsidiary of The Wonderful Company for $59.5 million.
Its other businesses, including ProFlowers, Shari’s Berries and Personal Creations, will continue to operate.
FTD has non-binding letters of intent with a strategic investor to buy Personal Creations and Farids & Co., LLC, owned by the founder of Edible Arrangements, to acquire Shari’s Berries.