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QRTEB - FTD Companies: Chapter 11 Almost Certainly Will Zero Out Shareholders
Qurate Retail Inc. Series B Common Stock
The end is at hand for FTD Companies (FTD), at least as a publicly traded company. FTD filed for Chapter 11 bankruptcy on Monday, leading FTD shares to drop some 75% to a close of $0.19.
The news isn't entirely surprising. After taking an ill-advised flyer last year (as I've written before, one of my worst investing mistakes ever), I argued in April that FTD was likely headed for zero this year. Asset sales announced in conjunction with the filing might raise some hope that such an outcome can be avoided, and that