Another multi-channel and online retailer is withdrawing its IPO.
On Thursday, Anna’s Linens Inc., a specialty retailer of value-priced domestics and home furnishings, canceled its plans to go public. The announcement followed an earlier IPO cancellation last week from Buy.com Inc., No. 33 in the Internet Retailer Top 400 Guide to Retail Web Sites.
Anna’s Linens, which sells through 184 stores in 18 states and online at AnnasLinens.com, formally withdrew its IPO in a statement filed with the Securities and Exchange Commission. The Costa Mesa, CA-based retailer didn’t give any official reason for canceling its registration, but it’s been a relatively tough stock market recently for attracting investors. For instance, Buy.com cited a weak investment environment as the main reason it was canceling its stock offering.
Anna’s Linens, which had e-commerce sales of about $2.25 million in fiscal 2004, or about 1% of total sales of $225.2 million, locates its stores in densely populated areas with large African-American and Hispanic populations.
The retailer, which had yet to set its IPO terms, planned on using the proceeds to pay down debt and open more stores.