Flowers being delivered. Photo: Dário Oliveira/Anadolu Agency/Getty Images

FTD (Nasdaq: FTD), the Illinois-based flower delivery network, yesterday filed for Chapter 11 bankruptcy protection and agreed to sell its North America and Latin America businesses (including ProFlowers) to Nexus Capital Management for $95 million.

Why it matters: This is really about an earlier, much-hyped deal gone bad. FTD in 2014 paid $430 million to buy ProFlowers, so it could move big into non-floral gifting and increase its share of the e-commerce consumer flowers business from 8% to 18%. But it struggled to service the merger's $120 million in debt, ultimately unable to make payments due this past weekend.

  • FTD also will sell its U.K.-based Interflora unit to The Wonderful Co. for $59.5 million and signed letters of intent to sell its Personal Creations and Shari’s Berries businesses to undisclosed buyers.

The bottom line: "The deep-rooted middleman for the florist industry traces its lineage to 1910, when it started as a network of U.S. florists who used telegraph communication to trade out-of-town orders, according to the court declaration.It operated as a not-for-profit until 1994, when it was acquired by Perry Capital." — Jeremy Hill, Bloomberg

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Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 7 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.