Gerald Stevens Inc. has received permission to sell 63 of its retail locations as part of its Chapter 11 reorganization process, according to news reports. The floral products marketer’s motion was granted by the U.S. Bankruptcy Court in Miami. The Fort Lauderdale, FL-based firm filed for protection on April 23.
According to reports the company plans to sell another 150 retail outlets, reducing its total store count from 300 locations to 150. Gerald Stevens also sells its products through its Internet site.
In early August the company negotiated an increase in its debtor-in-possession credit facility with Bank of America, raising the available funds from $5.5 million to $11.5 million. Earlier this year Gerald Stevens sold its catalog business, Calyx & Corolla, and floral wire service Florafax to Equity Resource Partners Inc., for $20 million.
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