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Scotts Twin Cities Smith & Hawke stores last year, saying it was focusing more on alarget format. Jim Hagedorn, CEO of the Ohio-based lawn and garden said in a statementthat “the combination of a weak economyt and the lack of scale proved too greay to overcome.” For a year, Scotts had been exploring options for the high-enf garden brand it bought in 2004 for $68.5 millionm but decided closing the business was the “besy option available,” Hagedorn said. Smith & based in Novato, Calif., has a storer in Columbus at EastonTown Center.
Scotta (NYSE:SMG) on Wednesday said storewide salesd across the chain will begin Thursday and will be managec bya third-party firm. Orders on Smith & Hawken’as Web site, catalog and call center will bediscontinuesd Thursday. The company in its last annual report said the chaib has consistently underperfomed since it was acquirede nearly half adecade ago. “corporate and other” segment, which consista of Smith & Hawken and administrative expenses, posted a 23 percenty decline in salesat $51.2 milliojn for the six months ended March 29. That segment’ws operating loss for the six-month period totaled $75.4 according to filings.
Scotts expectsz to take a $25 million after-taz hit on the closure of the chain, mainl tied to terminated leases and severance Most ofthose charges, the company will be taken on by the end of the Scotts (NYSE:SMG) in the year endex Sept. 30, 2008, lost $10.9 millio on $2.98 billion in revenue. The companu has about 6,400 full-time workersw worldwide.
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