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Interflora America files for Chapter 11, Interflora UK sold to Teleflora

nt story hero 14.03.19As predicted by the Editor on 20th March, American wire service FTD filed for Chapter 11 on 3rd June and confirmed the sale of Interflora UK to Teleflora USA. A statement was issued from Interflora’s Sleaford HQ to UK Interflora members mid-morning confirming the sale but only after many florists had already read the news on Facebook.

In the official press release on the FTD corporate website they said;
DOWNERS GROVE, Ill., June 3, 2019 /PRNewswire/
FTD Companies, Inc. (Nasdaq: FTD) (the "Company"), a premier floral and gifting company, today announced that the Company and substantially all of its domestic subsidiaries have filed voluntary petitions commencing cases under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware to facilitate the completion of strategic initiatives resulting from the Company's previously announced strategic review.
The Company intends to use the court-supervised restructuring process to support and protect its ongoing business operations, including its relationships with member florists and business partners, to provide an efficient and binding mechanism for the potential sales of its businesses and to address a near-term debt maturity.
The Company has already made significant progress completing its strategic initiatives, including:
Entering into a definitive asset purchase agreement with an affiliate of Nexus Capital Management LP to acquire FTD's North America and Latin America Consumer and Florist businesses, including ProFlowers;
Entering into a non-binding letter of intent with a strategic investor to acquire Personal Creations;
Entering into a non-binding letter of intent with Farids & Co., LLC, which is owned by Tariq Farid, founder of Edible Arrangements, LLC, to acquire Shari's Berries;
Completing the sale of U.K.- based Interflora to a subsidiary of The Wonderful Company; and
Implementing a new operating model for ProFlowers to better support the FTD florist network and reduce costs by also harnessing our third-party drop-ship network.
The Company is operating in the ordinary course and remains focused on supporting its extensive network of member florists and business partners connected by its iconic FTD brand in North America and Latin America.

We will report as more information becomes clear but to read the whole release click here


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