NEW YORK--Putumayo Inc. has canceled its initial public offering.
In January, the seller of Third World apparel, home furnishings and recordings of indigenous music filed a proposed offering to raise up to $3.3 million. The company delayed the offering in February, after missing a Securities & Exchange Commission reporting deadline.
Gail Baral, senior vice president, said the firm canceled the offering due to "a number of different factors," including some weakness in the equity market.
She added, "Parts of our business are strong and parts are struggling."
Putumayo has no plans to try an offering in the future.
With estimated sales of $10.3 million last year, Putumayo sells its products in four of its own stores and about 1,500 other retail outlets.--Fairchild News Service

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus