Flower-delivery provider FTD filed for chapter 11 bankruptcy protection and agreed to sell certain assets as it works to pay down debt
Flower-delivery provider FTD Cos. filed for chapter 11 bankruptcy protection Monday with plans to auction off its businesses to pay off an overload of debt it took on to buy former rival ProFlowers in 2014.
The company has lined up $94.5 million in financing to maintain its operations, and plans to accept bids for about the next six weeks, as it tries to pay off more than $200 million in bank loans and supplier bills, court papers say.
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