Since late July, the Fort Lauderdale-based floral retailer has executed asset-purchase agreements on 19 of its stores.
The once-publicly traded company filed for protection from creditors last April under Chapter 11 of the U.S. Bankruptcy Code, listing assets of $194.9 million and liabilities of $66.8 million.
Since filing the bankruptcy petition, the Nasdaq National Market Inc. determined the company failed to file timely financials and delisted the company's publicly traded stock from listing over-the-counter across the bulletin board.
In this latest divestiture, the company sold its McDonough Flower Shop assets in Georgia to RI Inc. for $35,000; the Shaw Flower Shop assets in Texas to CDC Systems for $55,000; and the Solarium Flower Shop assets in Arizona for $50,000 to Robert Dyer who was not further identified in court records.
In mid-July, the floral retailer received permission to sell its floral wire-service business to Teleflora LLC for $10.71 million in cash and assumption of certain liabilities. The company has advised the court in a restructuring plan that it intends to reorganize around its most profitable retail outlets.
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