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FTD

FTD Companies

$0.77

-0.039 (-4.81%)

05:18
06/03/19
06/03
05:18
06/03/19
05:18

FTD Companies files voluntary Chapter 11 petitions

FTD Companies announced that the company and substantially all of its domestic subsidiaries have filed voluntary petitions commencing cases under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware to facilitate the completion of strategic initiatives resulting from the company's previously announced strategic review. The company intends to use the court-supervised restructuring process to support and protect its ongoing business operations, including its relationships with member florists and business partners, to provide an efficient and binding mechanism for the potential sales of its businesses and to address a near-term debt maturity. The company is operating in the ordinary course and remains focused on supporting its extensive network of member florists and business partners connected by its iconic FTD brand in North America and Latin America. The company's other businesses, including ProFlowers, Shari's Berries and Personal Creations, are also continuing to provide floral, specialty foods, gifts and related products to consumers. The company has received commitments for up to approximately $94.5M in debtor-in-possession, or DIP, financing from a syndicate comprised of its existing lenders. Upon approval by the Bankruptcy Court, this financing, combined with cash generated from the company's ongoing operations, will be used to, among other things, support the business during the court-supervised restructuring process. The company has filed pleadings, referred to as "first day motions," with the Bankruptcy Court. The relief sought in the first day motions is expected to enable the company to continue to support its business operations during the restructuring process, including by continuing payments and services to member florists and business partners without interruption, managing its continuing relationships with vendors and customers and paying wages and benefits for continuing employees. The company has entered into a definitive asset purchase agreement with an affiliate of Nexus Capital, a California-based private equity sponsor, to acquire the company's North America and Latin America florist and consumer business, including ProFlowers. The purchase price is $95M in cash, subject to customary adjustments. The company also announced that it is restructuring its ProFlowers business to better support the FTD florist network and to reduce costs. Under the new operating model, floral order fulfilment and distribution for ProFlowers are being transitioned to the FTD florist network and third-party fulfilment partners. The ProFlowers website will continue to serve customers and process orders. Under the asset purchase agreement with Nexus Capital, Nexus Capital would acquire the as-restructured ProFlowers business. The company has sold its Interflora business in the U.K. to a subsidiary of The Wonderful Company for $59.5M in cash. The Interflora business operated independently from FTD's North America and Latin America businesses and it is not part of the Chapter 11 filing.

FTD FTD Companies
$0.77

-0.039 (-4.81%)

03/15/19
DADA
03/15/19
NO CHANGE
Target $1.25
DADA
Neutral
FTD Companies price target lowered to $1.25 from $3.00 at DA Davidson
DA Davidson analyst Linda Bolton Weiser lowered her price target on FTD Companies to $1.25 and kept her Neutral rating after its Q4 earnings miss and a cut in FY19 guidance. The analyst notes that the company's credit agreement amendment and its expected sale of International, Personal Creations, and/or Shari's Berries assets should allow it to remain a going concern, but also lowers her FY20 EBITDA estimate to $43M from $60M.
03/15/19
CHLM
03/15/19
NO CHANGE
CHLM
FTD Companies price target lowered to $1.50 from $3 at Craig-Hallum
Craig-Hallum analyst Mark Rosenkranz reiterated a Hold rating on FTD Companies and lowered his price target on shares to $1.50 from $3 following another "weak" Valentine's Day, with management noting that "increased media investments ahead of Valentine's Day did not generate the expected level of traffic." The analyst noted that FTD's Q4 results were below estimates, the company lowered FY19 guidance, and that FTD's strategic alternatives review was given a June 1 target date on the company's latest updated credit agreement.
03/19/19
03/19/19
UPGRADE
Target $22.5

Buy
1-800-Flowers.com upgraded to Buy at DA Davidson on continued share gains
As previously reported, DA Davidson analyst Linda Bolton Weiser upgraded 1-800-Flowers.com (FLWS) to Buy from Neutral and raised her price target to $22.50 from $18. The analyst cites the company's continued market share gains at the expense of FTD Companies (FTD), which she contends may not survive as a going concern if it does not execute on Mother's Day. With its Consumer Floral and BloomNet growing 8% and 15% in Q2, Weiser says 1-800-Flowers.com is "finally firing on all cylinders as a result of effective digital spending and long-term investment in mobile."
05/01/19
BNCH
05/01/19
NO CHANGE
Target $27
BNCH
Buy
1-800-Flowers.com price target raised to $27 from $18 at Benchmark
Benchmark analyst Daniel Kurnos said after the Q3 report from 1-800-Flowers.com (FLWS) that he believes the company is "firmly back on track to grow," adding that FTD's (FTD) ongoing struggles should continue to lead to sustainable share gains. The analyst, who raised his price target on the stock to $27 from $18, argues that forecasts remain conservative in both the short- and medium-term and believes an "accretive, scaling acquisition seems like a foregone conclusion." Kurnos keeps a Buy rating on 1-800-Flowers shares.

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