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.READ MORE: 8-Year-Old Boy Shot, Killed While Playing On Front Porch In Markham
FTD Co. said that it has 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.READ MORE: Vandal Caught On Camera Trashing Trader Todd's Bar In Lakeview, Leaving Racist And Threatening Graffiti
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.MORE NEWS: Chicago Weather: Beach Hazards
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