1-800-Flowers.com closes on asset sales
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1-800-FLOWERS.COM (FLWS) announced that it has completed the previously announced $45M sale of PersonalizationMall.com and Things Remembered to PlanetArt, LLC, a leading global technology platform for personalized, made-on-demand e-commerce products.
The company said the completion of the transaction represents another step in its ongoing efforts to simplify its business, sharpen its focus on its primary brands, and strengthen its financial flexibility. 1-800-FLOWERS.COM (FLWS) plans to use the transaction proceeds to reduce debt and support investments in strategic initiatives aimed at driving sustainable, profitable growth and long-term shareholder value.
1-800-Flowers bought it from Bed Bath & Beyond in August 2020 for about $245M. 1-800-Flowers acquired the Things Remembered online business in early 2023 for an undisclosed amount.
Shares of 1-800-FLOWERS.COM (FLWS) are down more than 30% on a year-to-date basis.
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