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Shutterfly announces early settlement of the exchange offer Investments News 

Shutterfly announces early settlement of the exchange offer

GaryPageau
Shutterfly LLC announced it has closed its previously announced refinancing transaction. Earlier this year, news reports showed debt holders of the privately-held Shutterfly were seeking better terms after poor 2022 results. Details are in the press release below: Shutterfly, LLC (the “Company,” “we,” “our” and “us”) today announced that, on June 9, 2023, Shutterfly Finance, LLC, a subsidiary of the... Read More
Shutterfly announces early tender offer results for exchange offer News 

Shutterfly announces early tender offer results for exchange offer

GaryPageau
Personalized photo products leader Shutterfly announced the early results of its previously announced tender exchange offer. The San Jose-based company has been struggling to manage its debt load and, in May, announced to plans raise “approximately $200 million of additional debt financing, extend existing debt maturities, and meaningfully improve liquidity.” The heavily legalese-laden announcement indicates the tender offer is being... Read More
Shutterfly restructures debt Investments News 

Shutterfly restructures debt

GaryPageau ,
Shutterfly, LLC announced the launch of a debt exchange offer and consent solicitation for eligible noteholders, as detailed here in the press release. The announcement follows reports that Shutterfly has been struggling to service its debt on lagging sales. The U.S.’s leading personalized photo products company, Shutterfly replaced its CEO last week. Pursuant to a Transaction Support Agreement entered into... Read More
Shutterfly appoints Sally Pofcher as CEO People on the Move 

Shutterfly appoints Sally Pofcher as CEO

GaryPageau , ,
U.S. photo personalization giant Shutterfly announced experienced retail executive Sally Pofcher has joined the privately-held company as Chief Executive Officer. Hilary Schneider, Shutterfly’s CEO since 2019, will transition to a strategic advisor to the Company’s Board of Directors, the company said in a statement. Pofcher joins the Shutterfly executive team with more than 30 years of experience in growing and... Read More
Shutterfly extending photo deletion date following customer complaints New Products News 

Shutterfly extending photo deletion date following customer complaints

GaryPageau
A Boston TV station acted quickly when a viewer complained that Shutterfly‘s new photo deletion policy for customers who no longer place orders resulted in her photos being unintentionally deleted. As a result, the leading photo personalization products company has extended its deadline for deleting customer photos from inactive accounts from March 29 to May 30, 2023. According to the... Read More
Bloomberg: Shutterfly bonds fall on delay of annual report Earnings reports 

Bloomberg: Shutterfly bonds fall on delay of annual report

GaryPageau , , ,
Bloomberg Law reports Apollo Global Management-backed Shutterfly LLC’s bonds fell Tuesday, April 18, after the photo products retailer informed investors it will delay the release of its annual results for 2022, according to people with knowledge of the matter. According to the report from Bloomberg’s Reshmi Basu and Erin Hudson, Shutterfly advised debt holders it amended its credit documents to... Read More
Jostens joins Minneapolis office space downsizing trend News 

Jostens joins Minneapolis office space downsizing trend

GaryPageau ,
School ring maker, yearbook, and school photography company Jostens has become the latest corporation to join the office downsizing trend, announcing Wednesday it will sublease two of its three floors of headquarters space in a Bloomington, Minnesota, building, according to the Star Tribune. Jostens, which has been in the Minnesota Center building since 2018, has hired Monarch CRE to sublease... Read More
Update: Shutterfly layoffs impact 360 News 

Update: Shutterfly layoffs impact 360

GaryPageau ,
Personalized photo products leader Shutterfly Inc. management is reducing staff by 360 employees, according to a company-wide email. The announcement was not made public but the topic is a hot one on LinkedIn and on layoff tracking sites. The Dead Pixels Society has reached out to Shutterfly for comment but has yet to receive a response. [Update: The Minneapolis Star Tribune... Read More
Target transfers photo department to EZ Prints News 

Target transfers photo department to EZ Prints

GaryPageau , , ,
Another major North American retailer is transferring it branded photo printing site to a traditional photo site. Target Photo has elected to transfer its business to a partner, EZ Prints. In an announcement posted on the site, Target says users can migrate their account to the EZ Prints site. This is the second major announcement of a large retailer doing this,... Read More
JCPenney Portraits by Lifetouch promoting dog adoption News 

JCPenney Portraits by Lifetouch promoting dog adoption

GaryPageau ,
Beginning Jan. 24, Change a Pet’s Life Day, JCPenney Portraits by Lifetouch is offering is partnering with local animal shelters in 10 U.S. cities to help senior dogs find a home. In addition, the company is offering free pet portrait for customers at JCPenney Portraits by Lifetouch. “As a brand focused on supporting families on every occasion, we care about the... Read More
Costco picks Shutterfly to fulfill online photo services Partnerships 

Costco picks Shutterfly to fulfill online photo services

GaryPageau , , , , ,
Costco Wholesale Club is making drastic changes to its photo program, continuing an apparent ongoing exodus from active participation in the category. The company, which closed its in-warehouse labs in 2021, announced that Costco has partnered with category leader Shutterfly to offer a 51-percent discount and free shipping on orders priced above $49. Beginning Jan. 11, Costco customers can transfer photo... Read More
Shutterfly study says U.S. gift-givers concerned about budgets Market research 

Shutterfly study says U.S. gift-givers concerned about budgets

GaryPageau
Personalized products leader Shutterfly announced findings from an annual holiday survey, as well as proprietary data on consumer retail trends and the company’s approach to the holiday season amidst continued inflation. Although nearly two-thirds (64%) of Americans report being concerned about the impact of rising prices on their holiday gift budgets amidst current economic pressures, but Shutterfly claims it is... Read More
Shutterfly CEO sees “choppy” times coming News 

Shutterfly CEO sees “choppy” times coming

GaryPageau ,
Shutterfly CEO Hilary Schneider told the Associate Press the economic outlook is “choppy.” “We’re certainly going through an economic reconciliation here,” she said. “It’s hard to remember what that’s like because we have been in a bull market for so long. But those of us with some gray hair have seen this before. I think the reality is it’s a... Read More
Shutterfly saying goodbye to free storage for non-paying customers Updates 

Shutterfly saying goodbye to free storage for non-paying customers

GaryPageau , ,
Personalized product leader Shutterfly is notifying lagging customers that, due to an upcoming change in its 2023 Terms of Service, there is no longer free lifetime storage unless a purchase is made. The move is consistent with many other photo services, like Google Photos and Shoebox, which ended free unlimited storage of photos. At one time (and prior to its... Read More
Shutterfly taps Kris Jenner for holiday season promotion Marketing News 

Shutterfly taps Kris Jenner for holiday season promotion

GaryPageau ,
Shutterfly announced an ongoing partnership with reality TV star and social-media influencer Kris Jenner kicking off with the brand’s 2022 holiday campaign. The new campaign, “Win the Holidays” is designed to inspire consumers to think beyond generic cards and gifts and instead celebrate what makes each family unique and one-of-a-kind, the company said. “No two families are the same –... Read More