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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

Go deeper

State Department to set up new cyber bureau to combat hack attacks

Secretary of State Tony Blinken speaks on the challenges during an October conference in Quito, Ecuador. Photo:y Felipe Stanley/Agencia Press South/Getty Images

Secretary of State Tony Blinken announced Monday plans for the State Department to create a new bureau of cyberspace and digital policy.

Why it matters: The establishment of the bureau and plans for a new envoy to oversee critical and emerging technology come after a series significant hack attacks and other online crimes, notably ransomware assaults on U.S. infrastructure.

Biden rejects Trump's latest executive privilege claims

Photo: Jim Watson and Saul Loeb/AFP via Getty Images

The White House on Monday rejected two more of former President Trump's claims of executive privilege over documents that the House select committee investigating the Jan. 6 Capitol riot requested, CNN first reported.

Why it matters: Trump's legal team is seeking to block some of the panel's requests for records by invoking executive privilege, which can allow presidents and their aides to sidestep congressional scrutiny. The Biden administration has maintained that it will evaluate on a case-by-case basis.

Amazon warehouse workers in New York file petition to hold unionization vote

Amazon workers and their supporters rally outside the National Labor Relations Board's regional office in Brooklyn, New York City, after filing a petition requesting an election to form a union. Photo: Gabby Jones/Bloomberg via Getty Images

Amazon warehouse workers in New York City filed a petition on Monday with the National Labor Relations Board (NLRB) to hold a vote on unionization.

Why it matters: The move comes six months after an organizing effort was defeated at Amazon's distribution center in Alabama.