FTD Could Face Liquidation Later This Year
The Chicago Tribune is reporting that the flower and gift delivery service FTD could go out of business or shrink its operations this summer if it doesn’t find a buyer or raise money by June 1, the company said Monday.
The company recently revised a credit agreement that required it to, among other things, pay back $217.7 million in debt due Sept. 19, 2019.
According to the story, last year FTD began restructuring and reviewing strategic alternatives, including a possible sale or merger. Restructuring costs during the second half of 2018 totaled $18.2 million, according to the company.
Last year, total sales across all of FTD’s businesses fell 6% to $1.01 billion.
Learn more in the Chicago Tribune story here.