PlanetArt to Buy Bankrupt FTD’s Gift Unit for $18.1 Million

Customized product seller PlanetArt LLC has won the right to buy bankrupt FTD Companies Inc.'s personal gifts business unit for $18.1 million.

FTD canceled its scheduled July 22 auction for the unit after receiving no other bids by the deadline, according to its July 19 cancellation notice.

PlanetArt, based in Calabasas, Calif., submitted its stalking horse bid, or the first offer that sets a starting auction price, for FTD’s Personal Creations unit on June 23. The U.S. Bankruptcy Court for the District of Delaware will review July 31 whether to approve PlanetArts’ bid.

FTD, known for its floral retail business, ...