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Garden Botanika

This article was originally published in The Rose Sheet

Executive Summary

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)
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