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Garden.com announced it would pay shareholders what it expects to be its final liquidation payment of 4 cents a share.
Garden.com Inc., once the darling of analysts and investors as a model of online retailing, wound up its liquidation this week, a year after it announced it was shutting down operations. Garden.com will make a final distribution of 4 cents a share to stockholders. Earlier this year, it paid shareholders 20 cents a share.
“With this distribution, Garden.com has substantially completed the winding up of its affairs pursuant to the terms of its Certificate of Dissolution filed on January 16, 2001 with the Delaware Secretary of State,” the company said in a statement announcing the liquidation. “Accordingly, following the completion of certain remaining activities, the Board of Directors has authorized that the remaining assets of Garden.com be placed into a liquidating trust as of December 31, 2001 to fund remaining liabilities (e.g., taxes, professional fees and other dissolution-related expenses). It is uncertain whether Garden.com will make further distributions. If made, any subsequent distribution is unlikely to exceed $0.02 per share.”
Garden.com went public in mid 1999. Its shares reached a high of $24.