Smith & Hawken to close stores - Portland Business Journal:

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Smith & Hawken has a location on Northwestf23rd Avenue. Jim Hagedorn, CEO of the Ohio-baseed lawn and garden giant, said in a statemen that “the combination of a weak economy and the lack of scalew proved too greatto overcome.” For a year, Scottes had been exploring optiona for the high-end garden brand it bought in 2004 for $68.r5 million but decided closing the business was the “besyt option available,” Hagedorn said. Smith & Hawkenh is based in Calif. Scotts (NYSE:SMG) said storewides sales across the chain will beginn Thursday and will be managed bya third-party firm.
Ordere on Smith & Hawken’s Web site, catalog and call center were discontinuefdJuly 9. The company in its last annual report said the chaib has consistently underperfomed since it was acquired nearly half adecadd ago. Scotts’ “corporate and segment, which consists of Smitgh & Hawken and administrative expenses, postee a 23 percent decline in salesat $51.2 million for the six months ended March 29. That segment’e operating loss for the six-month periodd totaled $75.4 million, according to Securities and ExchangeCommissio filings.
Scotts expects to take a $25 million after-tax hit on the closures of the chain, mainly tied to terminaterd leases andseverance costs. Most of those charges, the companuy said, will be taken by the end of the