Harry & David files for Bankruptcy

Crippled by debt piled upon it by its Wall Street owners, storied Oregon fruit company Harry & David has filed for bankruptcy protection.

The filing Monday in Delaware Bankruptcy Court had been widely expected after the troubled firm — known for its Moose Munch candied popcorn and pricey fruit baskets — missed a $7-million interest payment earlier this month.

Weak sales during the crucial holiday season hurt Harry & David, as consumers still smarting from the economic downturn shunned luxuries such as the company’s famed pears, which retail for about $4 each. Increased competition from gourmet food stores and high-end supermarkets further cut into sales.

Read more at The LA Times