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.