The company has announced a phased shut-down of its retail
operations over the coming fortnight. In a statement, Garden.com
said:
“In short, the company has been unable to
raise the additional funding necessary to finance the company's
growth moving forward, and our Board of Directors' was forced to
make the difficult decision to begin an orderly, staged shut-down
of Garden.com's consumer business.”
The company, which began in 1995, had 1.5 million customers.
However, it never made a profit. In its first quarter this year, it
made a net loss of $9.9 million. Its shares peaked at over $20 in
October 1999. By yesterday afternoon, they had fallen to just 6
cents.
