A Scarsdale store will disappear as a result of the recent decision by Smith & Hawken, a retail chain that sells gardening supplies and outdoor furniture, to go out of business and close 56 stores in 22 states.
The stores, including one at 696 White Plains Road in Scarsdale, are expected to shut down by the end of the year. The closing process, which is being supervised by third-party consultants, started last week with special sales at the stores.
Smith & Hawken has already stopped accepting orders through its Web site, catalog and call center.
Small home and garden retailers such as Smith & Hawken have been hurt by the slow U.S. economy and weak housing market. Parent company Scotts Miracle-Gro, a lawn and garden products giant, said that it had hoped to sell Smith & Hawken to avoid job losses and preserve the franchise.
“However, after discussions with several potential investors over the past 12 months, it became obvious that shutting down the business was the best option available,” Jim Hagedorn, chairman and chief executive officer of ScottsMiracle-Gro, said in a written statement. “It is with regret for the associates of Smith & Hawken and our many loyal customers that we have reached this conclusion.”
Churchill Ventures Ltd. of Scarborough said its shareholders voted today to dissolve the company after it was unable to consummate a business deal for which it was created. Formed in June 2006, Churchill Ventures raised $107.5 million to buy an operating business in the communications, media or technology industries within an 18- to 24-month period.
Steve & Barry’s said that it will close its remaining 173 clothing stores nationally as it becomes the latest retail chain to fall victim to slow consumer spending in a weak economy.
Twenty stores in New York state are affected by the closings, including one at the Palisades Center in West Nyack.
The company filed for bankruptcy protection last week.
Going-out-of-business sales are expected to last up to seven weeks, but some stores will close sooner, the company said. Steve & Barry’s, which sells casual wear for men, women and children, has been downsizing for months. In August, the company announced plans to close 97 stores and keep the rest open after two investment firms bought the Port Washington-based company. But now it is opting to shutter the remaining locations.
“These going-out-of-business sales will give the general public, as well as the thousands of loyal Steve & Barry’s customers, an opportunity to acquire brand name and licensed apparel at greatly reduced prices,” said Scott Bernstein, chief executive officer of SB Capital, which will help conduct the sales. “Inventory valued at approximately $250 million will be liquidated to the bare walls. Everything in the stores must be sold.”
Haights Cross Communications Inc., a White Plains-based educational and library publisher, today reported a net loss of $9.8 million during the first quarter, less than the net loss of $12.4 million a year earlier.
Revenue of $51.8 million fell 2.1 percent from a year earlier, reflecting declines in the companyâ€™s K-12 supplemental education and medical education segments that were partially offset by revenue growth in test-prep and intervention and library segments, the company said.
In January, Haights Cross said it planned to sell its business, and a wind down of its operations began in March. That process is still ongoing, the company said.