Harry & David Files for Bankruptcy

Harry & David Holdings Inc., the purveyors of gourmet pears and fruit baskets, on Monday filed for Chapter 11 bankruptcy protection from creditors. The company, which depends on holiday sales, said that 2010 sales declined 13 percent due to weak sales from the 2010 holiday shopping season, in a bankruptcy filing at the U.S. Bankruptcy Court in Wilmington, Del. Harry & David, which is owned by New York-based private equity firm Wasserstein & Co., primarily operates through its online website and through mail-order catalogues.