Gift Basket King Files For Bankruptcy Protection
STEVE INSKEEP, Host:
As NPR's Jeff Brady reports, the company's creditors have agreed to forgive some of its debt so that Harry and David can stay in business.
JEFF BRADY: Southern Oregon University Marketing Professor Chuck Jaeger says Harry and David still has a solid, well-known brand, though, and he predicts bankruptcy will help it survive.
CHUCK JAEGER: I think this is going to be a breath of fresh air, going to be an opportunity for them to sit back and say now we can go back to what we do best without having to worry about servicing all that debt.
BRADY: The company's largest creditor is Wells Fargo Bank, which it owes $198 million dollars. Based in Medford, Oregon, Harry and David is one of the largest employers in that town. Bob Hunter is editor at the local newspaper, the Mail Tribune.
BOB HUNTER: Everybody is just kind of on pins and needles waiting to see what happens with it and keeping their fingers crossed that it will be successful because it's - it would be a huge blow if it went away.
BRADY: Jeff Brady, NPR News.
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