Another casualty of changing times? Florist’s Transworld Delivery, the century old flower company FTD is filing for Chapter 11 bankruptcy protection following a rough Valentine’s Day. The company plans to break up it’s operations.
Originally called the Florists Telegraph Delivery Association and founded in 1910, FTD has failed to turn a profit in four years. Earlier today, FTD Co. said that it’s sold its North America and Latin America businesses, and has also sold its Interflora business in the U.K. to a subsidiary of The Wonderful Company. Flowers currently on order will still be delivered.
FTD first started as a network of U.S. florists who used telegraph communication to trade out-of-town orders in 1910. It operated as a not-for-profit until 1994. As the internet disrupted the industry, FTD purchased the parent of one of those chief disruptors, rival ProFlowers, for more than US$400 million in 2014. But the company struggled to integrate the two businesses, and the 120 million of debt that it took on to fund the acquisition became increasingly burdensome.
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