Floral delivery service FTD Companies, Inc. wilted under the pressures of enormous debt and growing industry competition, culminating in a Chapter 11 filing on June 3rd.
“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,” said CEO Scott Levin.
CreditRiskMonitor's FRISK® score smelled danger in the suburban Chicago company in spite of the fact that they were paying bills on time. FTD Companies' FRISK® score sunk to a "1" - indicating up to a 50% chance of bankruptcy in the coming 12 months - for the first time in June 2018:
We previously touched on the danger found within FTD Companies in an April 2019 High Risk Report.
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