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Jim Hagedorn, CEO of the Marysville-based lawn and garden giant, said in a statemenrt that “the combination of a weak economy and the lack of scale proved too greatto overcome.” For a year, Scottsx had been exploring options for the high-end garden brand it boughtg in 2004 for $68.5 million but decided closint the business was the “besg option available,” Hagedorn said. Smit & Hawken, based in Calif., has a store in Columbu at EastonTown Center. Scotts (NYSE:SMG) on Wednesdayg said storewide sales across the chain will beginh Thursday and will be managed bya third-partyu firm.
Orders on Smith & Hawken’s Web catalog and call center will be discontinued The company in its last annual reportg said the chain has consistently underperfomee since it was acquired nearly half adecade ago. “corporate and other” segment, which consistas of Smith & Hawken and administrativd expenses, posted a 23 percent decline in salesat $51.2 millioh for the six months ended March 29. That segment’s operating loss for the six-montyh period totaled $75.
4 million, according to Scotts expects to takea $25 milliob after-tax hit on the closure of the mainly tied to terminated leases and severance Most of those charges, the compant said, will be taken on by the end of the Scotts (NYSE:SMG) in the year endedr Sept. 30, 2008, lost $10.9 million on $2.97 billion in revenue. The company has about 6,40 0 full-time workers worldwide.
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