Harry & David

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Harry & David
Headquarters Medford, Oregon, US
Website harryanddavid.com

Harry & David is an American company that was founded in 1910, when Seattle hotelier Samuel Rosenberg purchased 240 acres (97 ha) of pear orchards in Medford, Oregon.[1] His sons, Harry and David, took the company over upon his death in 1914.[1] The company is best known for beginning the business of mail order direct marketing of fruit, especially through its "Fruit-of-the-Month Club." Their "Harry & David" brand specializes in high-end gift baskets and holiday gift towers.

Ownership & History[edit]

The company is owned by private investment firms Wasserstein & Company[2] and Highfields Capital Management,[citation needed] who bought the company in 2004. In 2005, Wasserstein and other investors took out dividends exceeding $100 million, and charged millions more in "management fees."[2]

Harry and David had added Jackson & Perkins, a mail-order rose marketer, to its brands in 1966. It sold Jackson and Perkins to an outside group of investors for $49 million in 2007.[3]

In 2008, Harry and David announced it acquired both catalogue-marketer Wolferman's from Williams Foods[4] and Cushman's, a family-owned marketer of citrus and specialty foods.[5]

Harry and David defaulted on its debt in 2011, also terminating its employee pension obligations.[2] The company filed for Chapter 11 bankruptcy on March 28, 2011.[6] The company completed its bankruptcy reorganization in September 2011.[7] In November 2012, the company announced it had started a winery with plans for nine wines.[8]

Competitors[edit]

See also[edit]

References[edit]

  1. ^ a b Jeff LaLande. Harry & David in The Oregon Encyclopedia
  2. ^ a b c James Surowiecki (January 30, 2012). "Private Inequity". The New Yorker. Retrieved 2012-01-23. 
  3. ^ "Harry & David sells Jackson & Perkins". Portland Business Journal. April 2, 2007. 
  4. ^ "Harry & David Holdings, Inc. Acquires Wolferman's, Leading Multi-Channel Marketer". Press Release. Reuters. January 15, 2008. Retrieved 2010-12-16. 
  5. ^ "Harry & David Holdings, Inc. Announces Acquisition of Cushman Fruit Company". Press Release. Reuters. August 11, 2008. Retrieved 2010-12-16. 
  6. ^ Bruce Horovitz (March 28, 2011). "Harry & David seeks Chapter 11 bankruptcy protection". USA Today. Retrieved 2011-03-28. 
  7. ^ Goldfield, Robert (September 14, 2011). "Harry & David emerges from bankruptcy". Portland Business Journal. Retrieved 3 November 2012. 
  8. ^ Stevens, Suzanne (November 2, 2012). "Harry & David launches winery". Portland Business Journal. Retrieved 2 November 2012. 

External links[edit]