Garden Botanika To Close 38 Retail Stores Under Reorganization Plan
This article was originally published in The Rose Sheet
Executive Summary
Garden Botanika will close 38 of its 147 existing cosmetics and personal care retail stores under a reorganization plan announced Feb. 2. The closings will conclude plans to eliminate approximately one-third of the company's stores.
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Garden Botanika
Sales dropped 32% to $69.9 mil. for FY 1999 ended Jan. 29, the Redmond, Wash. firm reports. The loss is due in part to a decrease in stores from 252 to 148 and a 10% loss in comparable sales, which was partially offset by $2.9 mil. in revenue from annual memberships to the "Garden Club" customer loyalty program. Garden Botanika, which has been operating under bankruptcy court protection since April 1999, reported a net loss of $18.3 mil. compared to a loss of $48 mil. for the prior year. An additional 38 stores are scheduled to close as part of a reorganization plan announced in February (1"The Rose Sheet" Feb. 7, p. 11)
Garden Botanika
Sales dropped 32% to $69.9 mil. for FY 1999 ended Jan. 29, the Redmond, Wash. firm reports. The loss is due in part to a decrease in stores from 252 to 148 and a 10% loss in comparable sales, which was partially offset by $2.9 mil. in revenue from annual memberships to the "Garden Club" customer loyalty program. Garden Botanika, which has been operating under bankruptcy court protection since April 1999, reported a net loss of $18.3 mil. compared to a loss of $48 mil. for the prior year. An additional 38 stores are scheduled to close as part of a reorganization plan announced in February (1"The Rose Sheet" Feb. 7, p. 11)
Garden Botanika
Bankruptcy court approves retailer's proposal to extend exclusivity period for filing a reorganization plan to March 1, 2001. Based on a streamlined store base of Garden Botanika's "best performing" U.S. locations, the plan was submitted to the firm's creditors committee Feb. 2 (1"The Rose Sheet" Feb. 7, p. 11). The closings will conclude plans to eliminate approximately one third of Garden Botanika's stores