Food and Beverage
Harry and David Files Chapter 11
March 28, 2011
Gourmet gift-basket retailer Harry & David filed for bankruptcy protection Monday, citing the recession, online competitors, and lower consumer demand for specialty fruit and snack baskets and boxes. Today the company was awarded interim court permission to borrow as much as $100 million to use for its reorganization, notes Bloomberg. Harry & David also is required to exit bankruptcy by Oct. 1.
The Medford, OR-based company has been in business since the 1930s and has long been a popular retailer in corporate gift and merchandise reward programs in the incentive channel.
According to Dow Jones Newswires, “the company expects no interruptions to customer service, and consumers can continue to purchase Harry & David products online, through catalog orders and at the 70 Harry & David stores nationwide.”
This article has been updated to reflect the court's borrowing decision.
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