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In Brief: Garden Botanika

This article was originally published in The Rose Sheet

Executive Summary

Garden Botanika: "Red herring" registration statement for an initial public offering filed Feb. 28 details Redmond, WA-based personal care product retailer's plan to offer 2.7 mil. shares at a maximum price of $15 a share. Garden Botanika hopes to raise up to $34.6 mil. after offering costs (and on an assumed IPO price of $14/share). The firm will use $23.6 mil. to finance new store openings, $5 mil. for the payment of outstanding bank debts and $1.3 mil. for store retrofitting and computer purchases. The firm also plans to relocate and expand its distribution center at a cost of $1.1 mil. For the FY 1995 nine months (ended Oct. 28), Garden Botanika recorded a net loss of $3.6 mil. on net sales that more than doubled from the prior-year period to $30.3 mil. After the offering is complete, Garden Botanika directors, executive officers "and their affiliates" will beneficially own 21% of the company's 7.5 mil. outstanding shares...
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