Monday, June 3, 2019

FTD Files for Bankruptcy Protection, Puts Businesses Up for Sale

The Wall Street Journal
Flower-delivery provider FTD Co s. filed for chapter 11 bankruptcy protection Monday with plans to auction off its businesses to pay off an overload of debt it took on to buy former rival ProFlowers in 2014.

But the ProFlowers deal didn’t work out, and new competition continued to eat away at FTD’s share of the market, leading to deteriorating operating performance. Amazon.com Inc. played a role, by leading consumers to expect fast, free delivery of goods, and recoil from paying the delivery charges that were standard in the floral industry. . . . more