Vera Bradley to Go Public
GDA Staff -- Gifts and Dec, 7/2/2010 4:16:23 PM
Fort Wayne, IN — Travel accessories, handbag and gift manufacturer Vera Bradley Inc. plans to start selling sto
Co-founder Barbara Baekgaard
ck as a public company. The company filed plans with the Securities and Exchange Commission on Thursday, July 1, to raise $175 million in an initial public offering, according to the Chicago Tribune.
Founders Barbara Bradley Baekgaard and Patricia Miller, along with P. Michael Miller, director, will retain voting control. The number of shares to be offered and the price range for the offering have not yet been determined.
Vera Bradley has applied for its stock to be listed on the NASDAQ Global Market. No potential ticker symbol was specified.
Vera Bradley plans to use money raised from the stock sale to grow from its current 28 stores to as many as 300. The company plans to open nine full-price and three outlet stores in fiscal year 2011, according to the Ft. Wayne Sentinel. Each new full-price store is expected to generate up to $1.1 million in net revenue in the first year, with payback on investment within two years. In addition, its products are in some 3,300 independent stores.
A company spokesperson declined to comment at this time, citing S.E.C. regulations.
I sold Vera Bradley in my salon for 16 years, when nobody knew who they were. Then, suddenly, 2 years ago they informed me I was being let go at the end of the year. I was crushed! My patrons LOVED their Vera. I groveled to no avail. They had all be trained to say, "we thank you for your loyalty!" Stick your loyalty! Only one, kind, considerate customer service rep said to me on one of the last days as I cried over the phone,
Connie, it's only a bag!" I'm glad she (Vera) went to China....now I sell Stephanie Dawn! Thanks, Vera, you'll get yours!
Connie - 2010-08-20 17:17:30 EDT
I am a vendor who was working my booth at the Atlanta Show. Two different retailers told me that they have in the past years been large Vera Bradley accounts and they are now going to drop it because the line is everywhere, and for one retailer they were opening a store across the street. Then I came home and my brother and sister in law, also long time retailers and Vera customers told me they had just refused a huge shipment because it was now being sold by a competing retailer. Reading all of these similar postings, it's clear that this company could be on the wrong path.
Katie Smith - 2010-07-24 18:49:00 EDTYes, with sending the work to China and producing an inferior product and now opening 300 stores, Vera will over saturate the market - just as Yankee did. Also, does it remind you of when Dept. 56 went public amongst much hoopla, had a big run on the stock, and where is the company now? Out of business!
Marilyn Cook - 2010-07-07 20:07:04 EDTWith this announcement, the Vera Bradley company has just slapped the faces of all the independent dealers that helped put them on the map. Greed pays poor dividends.
Steve B. - 2010-07-07 12:25:12 EDTIt's all about money! These people are taking the same steps as Yankee Candle and look what happened to Yankee's sales and distribution. The only people who may benefit, and that's a BIG may will be the three stooges. Who in their right mind would buy stock that the founders still have control off. I have a bridge to sell you in Brooklyn. Are you interested?
fred - 2010-07-06 16:16:20 EDT-
Vera Bradley Reports First Public Financials
Dec 8, 2010 -
Vera Bradley to Offer 11 Million Shares in IPO
Oct 7, 2010
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