Deals
Flower Delivery Mainstay FTD Files Bankruptcy, Sells Assets
- Company agrees to sell ProFlowers business to Nexus Capital
- FTD traces roots to 1910, leveraged telegraph for orders
Photographer: Nicky Loh/Bloomberg
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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.