As many of you are aware, FTD Companies filed for Chapter 11 bankruptcy last week. While this news isn’t necessarily surprising considering some of FTD’s recent struggles, it has certainly created some concern in the floral industry since so many of us have relied on their wire service and products to help us run our businesses.
While this announcement isn’t good news for investors and likely signifies the end of FTD as a publicly traded company, it isn’t time for florists to panic just yet. FTD has stated that all customer deliveries will continue and said they have reached a tentative deal to sell their flower delivery business in North and South America to Nexus Capital. They also have offers on two of their subsidiaries: Personal Creations and Shari’s Berries; and are selling their International business to the Wonderful Co. – the private company that also owns Teleflora.
This is a situation that I am keeping a close eye on and I will update you whenever new information is available. In the meantime, you can check out some of my thoughts on the FTD bankruptcy in the video below. Please feel free to call me or send me an email if you have questions or concerns that you’d like to discuss.