Specialty floral and gifting retailer FTD Companies Inc. has filed for Chapter 11 bankruptcy.
In its filing in the U.S. Bankruptcy Court for the District of Delaware, FTD said it has made significant progress in reaching agreements to sell different parts of its business to different buyers. These agreements include a definitive asset purchase agreement with an affiliate of Nexus Capital Management LP to acquire FTDs North America and Latin America consumer and florist businesses, including ProFlowers, for $95 million in cash; a non-binding letter of intent with a strategic investor to acquire its…
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