Search
 

Real Estate Sheddings and Sales of Other Commercial Assets Save Gerald Stevens Inc.

FORT LAUDERDALE, FL-Bank of America is giving the locally-based flower retailer a new $7-million line of credit through February and, along with other lenders, is extending total debt payments of $16 million to June 2002 from February and May 2001.

By Alex Finkelstein | Updated on November 09, 2000

FORT LAUDERDALE, FL-Financially-fading retailer Gerald Stevens Inc. is operating on borrowed time, but at least the country’s largest flower store chain is still in business, company officers argue.

The company’s strategy in selling $7 million worth of non-core assets is keeping it alive. The sale comprised four real estate properties, a credit card clearing house and an Internet business for florists. The company’s fiscal problems are attributed to a speedy expansion program that saw Gerald Stevens acquire 300 national flower shops in 18 months.

Bank of America is giving the locally-based retailer a new $7-million line of credit through February and, along with other lenders, is extending total debt payments of $16 million to June 2002 from February and May 2001. Top company managers also are loaning the company $1 million in working capital. Gerald Stevens’ management team includes Steve Berrard and Gerald Geddis, former executives at Blockbuster Entertainment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.