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Garden Botanika

This article was originally published in The Rose Sheet

Executive Summary

Closed five stores, terminated one lease and began the liquidation process to close 90 additional doors by May 31, under authority granted by Seattle federal bankruptcy court. Store closings will take place across the U.S., including Minnesota, Maine and Maryland. The Redmond, Wash.-based company announced its intention to close one-third of its retail stores under a Chapter 11 filing April 20 ("The Rose Sheet" April 26, p. 5). The first meeting of the creditors, during which Garden Botanika will present its restructuring plans, will take place May 26. For the first fiscal quarter (ended May 1), sales dropped 17% to $17.9 mil. Store sales declined 20%
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