Harry & David, Northwest Overpriced-Fruit-Basket Delivery Company, Declares Bankruptcy"/>
Well, it did. And the Seattleite-founded, >"/>
Who would have thought that sending people pears and oranges for $3 apiece would become unpopular in a recession?
Well, it did. And the Seattleite-founded, Oregon-based boutique fruit and snack retailer Harry & David has declared bankruptcy.
The Wall Street Journal reports this morning on the Chapter 11 filing.
Burdened by nearly $200 million in short- and long-term obligations, Harry & David has been battered in the recession, with customers cutting back on luxury items like gift baskets of fruits and snacks. The retailer, which recently breached terms on a revolving credit line and skipped an interest payment due bondholders, had been working with creditors on a plan to restructure, and The Wall Street Journal had reported over the weekend that a bankruptcy filing was imminent.
Harry & David fruit is good, don't get me wrong. But $30 for this?
Gimme a break.