Posts tagged with "Gifts"

As business wilts, flower and gift delivery service FTD seeks bankruptcy protection

June 4, 2019

Flower and gift delivery service FTD filed for bankruptcy protection on June 3, with a plan to sell some businesses while paying down debt, according to a report by The Chicago Tribune.

In addition to FTD and Interflora, the nearly 110-year-old company—headquartered in Downers Grove, Illinois–has portfolio of brands that includes ProFlowers, ProPlants, Shari’s Berries, Personal Creations, RedEnvelope, Flying Flowers, and Gifts.com.

According to the Tribune, FTD had warned in March that it could go out of business or shrink its operations this summer if it didn’t find a buyer or raise enough money to pay back $217.7 million in debt due in September.

“With the advice and support of our outside advisors, we have initiated this court-supervised restructuring process to provide an orderly forum to facilitate sales of our businesses as going concerns and to enable us to address a near-term debt maturity,” Scott Levin, FTD’s president and chief executive officer, said in a news release. “Importantly, everyone involved with this process understands the critical role of our talented member florists, and we intend to continue supporting them as normal throughout this process.”

FTD said it is continuing to operate its businesses and has lined up $94.5 million in financing from existing lenders to fund operations while it restructures and works to sell pieces of its business.

A California-based private equity firm, Nexus Capital has agreed to buy FTD’s North American and Latin American consumer and florist businesses, including ProFlowers, for $95 million, FTD said.

It has also signed letters of intent with potential buyers for its Personal Creations and Shari’s Berries businesses. Any sales will still require the bankruptcy court’s approval.

In the meantime, FTD said its businesses are continuing to operate as usual, taking new orders and filling those already placed.

FTD’s Interflora business, which is based in Europe and is not part of the Chapter 11 filing, has been sold to a subsidiary of The Wonderful Co., based in California,  for $59.5 million, the company said.

Research contact: @laurenzumbach

This Father’s Day, don’t ‘tie one on’

June 14, 2018

More than three-quarters (77%) of Americans will celebrate Father’s Day on Sunday, June 17, and they will spend an average of $133 per person—or a grand total nationwide of $15.3 billion—to treat dad to special breakfasts, outings, clothing, gift cards, electronics and more, based on findings of a survey by the National Retail Federation.

But if you are thinking of buying him some ties, think again. Dads ranked the two items they least wanted on their special day as candy (10%) or a tie (7%), based on another survey, this one conducted online by Propeller Insights on behalf of Ebates.

What does the pater familias really crave? Shiny, new electronics will put that smile on his face. The study found that dads care more about receiving an actual gift (44%) than do moms (26%), who would be just as happy with homemade cards and scrambled eggs on a tray on their holiday in May.

How about an experiential gift, like a trip? Only 10% of dads were all-in, but more than 56% of Americans said they wanted to get their fathers out of the armchair and go somewhere. A camping trip and a staycation are the top Father’s Day trip choices (22% each), followed by a trip abroad (13%).

And while you are celebrating, try to remember or include those whose fathers are not living at home or have passed away. According to the U.S. Census Bureau, 24 million children—one out of three—live without their biological fathers. A substitute always is appreciated!

Research contact: pr@ebates.com