1-800-Flowers to Buy Harry & David
Already one of the biggest providers of flower deliveries, 1-800-Flowers.com now wants to add Royal Riviera pears and Moose Munch snacks to its offerings. The flower delivery company agreed on Tuesday to buy Harry & David, the purveyor of gift baskets, for $142.5 million in cash. Under the terms of the deal, 1-800-Flowers would continue to run Harry & David as a subsidiary, with the current management staying on. The deal comes more than three years after Harry & David filed for bankruptcy, a response to recession-related shopping woes. Since then, the retailer has increased both sales and earnings.