Brookstone Inc., the 124th largest online retailer as ranked in the Internet Retailer Guide to the Top 400 Retail Web Sites with 2004 online sales of $43.4 million, has decided to sell its subsidiary Gardeners Eden, the company announced this week. Brookstone agreed in April to be acquired by a consortium led by OSIM International Ltd, J.W. Childs Associates L.P. and Temasek Capital (Private) Limited.
Gardeners Eden is a fashion and lifestyle retailer selling garden-related products via five retail stores in Massachusetts and Connecticut, catalogs and online at GardenersEden.com. Last year, Gardeners Eden had total revenues of $16.0 million and an operating loss before taxes of $3.6 million.
For the eight weeks ended June 25, Brookstone’s total sales decreased 6.5%, to $62.6 million vs. the same period last year. Same store sales decreased 10.8%.
"The divestiture of Gardeners Eden will allow Brookstone to dedicate all of its energy and resources to our core Brookstone business," said chairman, president and CEO Michael Anthony.