By Greg Hazley
Sard Verbinnen & Co. is handling the Chapter 11 filing of Harry & David Holdings, the specialty food and gourmet gift basket retailer.
The Medford, Ore.-based company feel victim to a sluggish economy and heavy debt connected with the $250M private equity takeover of the 77-year-old firm by Wasserstein & Co. It posed a $4.3M loss on $302M first-half sales.
The Chapter 11 filing enables H&DH to restructure its balance sheet and eliminate the bulk of corporate debt.
Interim CEO Kay Hong promises no interruption of customer service during the Chapter 11 procedure.
Consumers will be able to purchase products via online, catalog and at the 70 retail outlets nationwide. The company also will honor its “Fruit-of-the-Month” gift cards other promotional programs.
H&DH has hired investment banker Rothschild Inc. and turnaround specialize Alvarez & Marsal to aid the restructuring.
SV&C managing director Stephanie Pillersdorf and principal Cassandra Bujarski handle media.
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