Bankrupt RedEnvelope Auctioned Off
By Staff -- Gifts and Dec, 5/30/2008 12:14:00 PM
San Francisco — Provide Commerce Inc., parent company of ProFlowers, Secret Spoon, Cherry Moon Farms and Shari's Berries, agreed to acquire substantially all of the assets of online gift retailer RedEnvelope Inc., following a Bankruptcy Court-supervised auction. Provide Commerce is set to assume ownership on June 23.
As a result of the transaction, “there is a strong possibility that our unsecured creditors will receive substantially all of the amounts owed to them,” RedEnvelope said in a statement. The company expects to begin distributions in the next few months and complete them by the end of the year.
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