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Gerald Stevens Bankruptcy Filing Will Place Some Real Estate on Block

FORT LAUDERDALE, FL-The locally based specialty floral products retailer filed Monday for Chapter 11 protection from creditors under the U.S. Bankrutpcy Code after losing $60 million since 1998 and seeing its stock price plummet to nine cents per share from $25 per share last year.

By David R. Corder | Updated on April 24, 2001

FORT LAUDERDALE, FL-The opportunity to acquire distressed property from Gerald Stevens Inc. is becoming an even bigger reality now that the floral products retailer and marketer has filed to reorganize its assets under Chapter 11 of the U.S. Bankruptcy Code.

In a move to offset its deteriorating financial situation, the Fort Lauderdale-based company negotiated about $4 million in sale-leaseback contracts during the fiscal period that closed Aug. 31, 2000.

The company’s annual reports show the firm lost $60 million since 1998. Its stock price has fallen to nine cents per share from $25 per share last year.

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