Important Dates and Deadlines
| Governmental Bar Date |
September 26, 2011 4:00 p.m. (ET) |
| Effective Date | September 13, 2011 |
|
Administrative Claims Bar Date and Rejection Damage Claims Bar Date |
October 13, 2011 |
HARRY & DAVID EMERGES FROM BANKRUPTCY
Company Well Positioned for Upcoming Holiday Season
MEDFORD, Oregon, September 14, 2011 - Harry & David Holdings, Inc. (the "Company") announced today that it has successfully completed its reorganization efforts and emerged from Chapter 11 bankruptcy, in advance of the 2011 holiday season.
"Today marks the beginning of a new era of growth for Harry & David. Our successful reorganization plan provides us with a strong financial foundation from which we will drive the future growth of the business," said Kay Hong, Chief Restructuring Officer and interim Chief Executive Officer. "We would like to thank our vendor partners, customers, and creditors for their steadfast support of Harry & David. I would also like to thank our dedicated employees who worked tirelessly during the bankruptcy to build a strong platform for the future. On behalf of our leadership team, we look forward to working together with all of our key stakeholders as we enter our next phase of growth."
Harry & David received court approval of its Plan of Reorganization and emerged from Chapter 11 in less than six months. With this efficient emergence from bankruptcy, Harry & David is poised to enter the holiday season well-capitalized, with a robust harvest and terrific offering of gifts.
"Our current outstanding pear harvest provides us with excellent momentum as we begin the fall season. We are very excited about the wide array of new gifts and classic favorites we will be offering throughout this fall and holiday. From our delicious fruit and chocolate gifts to our Moose Munch® snacks, I'm confident our customers will be delighted with Harry & David's superior gift experience and unparalleled customer service," continued Ms. Hong. "Harry & David is an iconic brand, which is now better positioned to provide a superior gifting experience and long-term profitable growth for many years to come."
Harry & David's investment banker is Rothschild Inc., its legal advisor is Jones Day, and its financial advisor is Alvarez & Marsal. The Company's bondholders are being advised by Stroock & Stroock & Lavan LLP, as legal counsel, and Moelis & Company, as financial advisor.
Forward-Looking Statements
This press release contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause the Company's business and results of operations to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements can be identified by the use of words such as "will," "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "continue," or the negative of such terms, or other comparable terminology.
Risk factors that may affect the Company's results include, but are not limited to the following: relating to market demand for the Company's products; production capabilities; relationships with customers; implementation of the Company's business and marketing strategies; competition; fluctuations in energy and other commodity costs; financial leverage; postal rate increases; increase in labor costs and the availability of a seasonal workforce; changes in federal and state tax laws; litigation; and the Company's ability to hire and retain key executives, managers and employees.
Any forward-looking statement made by the Company in this press release speaks only as of the date on which such forward-looking statement was made. New risks and uncertainties arise from time to time, and the Company cannot predict these events or how they may affect the Company's business, financial condition or operations. The Company undertakes no obligation to update or revise the forward-looking statements in this press release after the date hereof, except as may be required by law.
About Harry & David Holdings, Inc.
Harry & David Holdings, Inc. is a leading multi-channel specialty retailer and producer of branded premium gift-quality fruit and gourmet food products and gifts marketed under the Harry & David®, Wolferman's® and Cushman's® brands. You can shop our products online at www.harryanddavid.com, www.wolfermans.com, and www.honeybell.com, or visit one of our 70 stores across the country.