A word from Todd, our studio owner:
"Sometimes you gotta take a few steps back to move forward. Those steps back can be among the most painful two steps you've ever taken but they're necessary and they need to be taken. Once you've realized that's where you're at in my opinion, the best thing to do is take them.
It's with profound sadness that I announce the closing of our Denver CBD retail operation and attached yoga/dance studio. We never recovered from the debt COVID put us in and now facing 8 consecutive months of decreased revenue (at retail) and increased costs across the board we have decided to surrender our physical presence.
This is a very difficult decision and we feel undeniable pain for the teachers that have made our space so magical. We pray they find homes for their classes and thank them so much for what they've brought into our studio. May God's grace be bestowed on each and every one of these amazing people.
As for our retail and local customers. We will have more of a Colorado presence without the footprint on Colfax. This anchor slowed us down tremendously and we now will sprinkle products throughout the metro area as we have successfully done in Ohio and the Northeast.We will offer local delivery and our USPS services are next day inside the state. Our online store will be dramatically improved with us having much more time and money to dedicate to it.
Our wholesale and manufacturing remain unchanged. We are launching 6 new products this month and will be on the road much more looking to expand into other states we value.
The company will be sewing up its Colorado affiliation over the next 6 months and reestablishing in Florida early 2023. We are very grateful for our time here in Colorado but feel it's in our companies best interests on many levels to start from scratch. Florida represents a huge active aging community and tons of golf and beauty. The population is much more dense and our logistical opportunities up and down the eastern seaboard are much greater.
As the one making the decisions ultimately the failures lie on me. I'm confident I could have done things differently that would have enabled us to remain here. I'm confident I could fight a little harder and keep this thing alive. I'm also confident that's not in our shareholders best interests and those are the people I'm truly working for. This will be painful at first but we will come out of this situation with zero debt and starting over with our entire product lines and processes in place.
We are building a massive inventory this month in our facility here in Denver and will have stock on everything through the first of the year. We've contracted a lab for temporary use that will allow our staff to make any fill in orders that occur so we are 100% certain we will remain unchanged in our wholesale business.
Our retail/studio operations will end Sept 4th which will mark our 4 year anniversary as well. We are planning on a bunch of goodbye parties and celebrations.
Thanks for a magical 4 years and looking forward to many more."