Flower Company FTD Files For Bankruptcy Protection

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.

Image source: http://quonart.com/portfolio/ftd-logo/

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