FTD News Add New Topic
August 14, 2019 at 12:31 pm #19954
DOWNERS GROVE, Ill. – FTD Companies, Inc. (the “Company”) today announced that the U.S. Bankruptcy Court for the District of Delaware (the “Court”) has approved the sale of the FTD North America and Latin America Consumer and Florist businesses, including ProFlowers, to an affiliate of Nexus Capital Management LP for approximately $110.9 million, and the sale of Shari’s Berries to an affiliate of 1-800-Flowers.com, Inc. for $20.5 million.
“We undertook a robust and competitive court-supervised sale process, and with the Court’s approval, we are now moving forward with transactions that reflect the highest and best value for our businesses. Importantly for florists, Nexus brings resources, experience and stability that we believe will enable the member network to continue to grow into the future. We are continuing to support our florists and business partners and serve customers as we work to complete the transactions,” said Scott Levin, FTD’s President and Chief Executive Officer. “We also thank all of our employees for their continued hard work and dedication throughout this process.”September 15, 2019 at 1:41 pm #20064
FTD was a big company in floral wire services and although the action is said to enable FTD to continue supporting their network of florists and business partners and serving consumers; This is a business indicator that floral wire services – Flower delivery companies like FTD are under pressure from eCommerce companies like amazon.
But local Florists that have always suffered under the hands of flower delivery companies should wake up and have a good online strategy before they also face these challenges.
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