The filing comes after the company struggled to find a buyer and repay its debt. It will sell ProFlowers, an online flower delivery company, for US$95 million. It’s selling U.K.-based Interflora for US$59.5 million. (Bloomberg)
Talking point: FTD is the latest casualty of internet disruption in the retail industry. Sears, which was the world’s largest retailer just 50 years ago, filed for bankruptcy in 2018 after it failed to compete with the discounts provided by online-shopping websites, and brick-and-mortar competitors like Walmart, which invested in e-commerce. Walmart has also implemented scan-and-go apps and one-day shipping to compete with Amazon. In 2014, FTD purchased the parent company of ProFlowers, once one of its competitors, for over US$400 million to boost its e-commerce segment. However, it struggled to integrate the two businesses.