According to bankruptcy records, the Redmond-based cosmetic and toiletries and retail company received an offer for its line of personal-care products from St. Louis-based Schroeder & Tremayne Inc., a prominent manufacturer of beauty and bath products. With the disposition of its products moving forward, the next step is the liquidation of Garden Botanika's retail leases.
Handling the disposition is Keen Realty LLC, a subsidiary of New York-based Keen Consultants LLC. Keen's real estate arm specializes in the restructuring of retail real estate and lease portfolios, as well as the disposition of excess assets.
Keen's April auction of Garden Botanika's leases will be conducted by sealed bid, the deadline for which is March 30th. Craig Fox of Keen has the direct responsibility for disposing of the leases. Mr. Fox was out of the office and unavailable to provide any additional details.
The 106 retail sites being offered up in the auction are the remnants of what was a 280-store nationwide presence. The square footage of the retail stores range from a low end of 650 sf to 2,200 sf. The remainder are scattered about 28 states. Those with the most stores are Calif. (22 sites), Wash. (16 sites), Texas (11 sites), Ore. (7 sites) and Fla. (6 sites).
Outlets in greater Seattle and the Eastside include Bellevue Square, Southcenter Mall, Tacoma Mall, Alderwood Mall, Northtown Mall, Redmond Town Center, University Village, in Everett, and on Broadway in downtown Seattle. Other Washington locations are in Kitsap County, Puyallup, Olympia, Bellingham and Vancouver. Closure of the Washington stores will result in the loss of roughly 1,100 jobs. GlobeSt received no response to its request to speak with a spokesperson for Garden Botanika.
Recent examples of Keen Realty's work include the liquidation of $100 million worth of space for Family Golf Centers Inc. and $80 million in properties for Service Merchandise. In its 19 years, Keen has disposed of more than 153 million sf of properties and repositioned more than 9,000 stores nationwide.
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