Garden Botanika To Close 95 Stores, Lay Off 1,200 In Bankruptcy Moves
This article was originally published in The Rose Sheet
Executive Summary
Garden Botanika plans to seek approval to close one-third of its specialty retail stores under a Chapter 11 filing in Seattle federal bankruptcy court April 20. The Redmond, Wash.-based cosmetics retailer expects to close 95 of its 245 retail doors nationwide and liquidate related inventory by May 31. Judge Karen Overstreet will hear the reorganization plan.
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Garden Botanika
U.S. Bankruptcy Court approval pending following $1.3 mil. offer from Schroeter & Tremayne to acquire all assets of bath and body care company except for retail stores, Garden Botanika President Bill Lawrence says. Proceeds from the sale and liquidation of 109 retail stores will go towards paying down the Redmond, Wash. company's debt. Garden Botakina filed for bankruptcy in April 1999, reporting at the time an $8.1 mil. debt (1"The Rose Sheet" April 26, 1999, p. 5). Main channel of distribution for Garden Botanika has been retail stores but the firm started a wholesale business one year ago. Products are sold in Fred Myer and on drugstore.com and are being tested in 12 additional doors. Schroeter & Tremayne (St. Louis) markets beauty products and bath accessories