Uncategorized January 19, 2011

Harry & David faces threat of Chapter 11 bankruptcy?

The Medford Mail Tribune is reporting that one of Southern Oregon’s largest employer’s, Harry & David, may be looking at Chapter 11 bankruptcy. After a $57+ million dollar loss over the last 12 months and a $24+ million dollar loss over the same period the year before, the gourmet food and gift company may have to look at restructuring.

At Labor day they had over 4,600 salaried and hourly employees and hire a significant amount of seasonal employees. The article reports that they have enough cash to pay short term debts and receivables, but not long term debts. They have hired a couple of firms that deal with corporate restructuring which would indicate that they are headed in that direction.

They are a great local company that provides stable income for a great number of people in this area. These families are the ones that make this great community of Medford, OR work. They are the ones that buy the homes, the groceries and help keep the doors of other local business open.

Not to mention the huge number of seasonal employees that they hire. These seasonal jobs provide local families to work that extra shift and make ends meet during the holidays.

Lets all hope that this goes smoothly.