Citing poor sales and years of losses, Kirkland, WA-based Celebrate Express is beginning an “orderly discontinuation” of its Storybook Heirlooms catalog and Website. According to a statement, the brand is expected to represent about 10% of the company’s fiscal 2006 revenue. Storybook Heirlooms offers girls’ special-occasion apparel.
Celebrate Express also operates party goods catalog and Website Birthday Express and the Costume Express Website.
The news comes just a month after Kevin Green joined Celebrate Express as CEO/president. He had been executive vice president/chief marketing officer for cataloger Lillian Vernon Corp. and managing director of its Celebrations by Lillian Vernon home-party business.
“Our evaluation indicated that the company and its shareholders would be better served by reallocating internal resources previously directed to Storybook to focus on Birthday Express and the larger growth opportunity present in Costume Express,” Green said in a statement. “We expect this decision will have a favorable impact on fiscal 2007 earnings.”
Celebrate Express officials estimate revenue for fiscal 2006, which ended May 31, to fall between $86.5 million and $87.0 million. Celebrate Express had sales of $69.1 million in fiscal 2005.