How Floral Delivery Company FTD Revamped Its Operations Following Bankruptcy
Seth Kleinman spoke to Modern Retail about floral delivery company FTD regaining its footing in the gifting business more than three years after exiting bankruptcy by diversifying its product lineup and making it easier for florists to fulfill same-day deliveries.
According to Seth, implementing new business strategies and repairing relationships with customers and suppliers are common approaches for businesses coming out of bankruptcy.
“The challenge for the company is can they actually do the things they tell the judge on paper that they’re going to be able to do?” Seth said.
But every company’s story is different. Some wind up in what is colloquially known among attorneys as “Chapter 22” or having to file for bankruptcy a second time because the re-emergence plan didn’t work out, Seth noted, adding that what sets companies apart is if they’re able to avoid making the same mistakes that landed them into bankruptcy in the first place.
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