PORT TOWNSEND — The time allowed to purchase stock in Quimper Mercantile Co. has been extended, giving potential purchasers almost a year to buy shares in the local store.
“Everything we get from here on in will go directly into expanding our inventory,” CEO Peter Quinn said.
“If we sell more stock, we can make that happen.”
Stock in the initial offering was first available in January 2012 with a $950,000 goal, half that amount needed for the store to begin.
The store met the $425,000 goal in April, but as of last week, the total was $617,000, according to Quinn.
The original offering ended Jan. 1.
Last week, the company received approval from the state Department of Financial Institutions to extend its direct public stock offering through Feb. 2, 2014.
Each share costs $100, with a $50,000 maximum investment per person.
Quinn said the store needs $150,000 — 1,500 more shares sold — to be at full inventory as laid out in the offering prospectus.
Every time a share is sold, the money goes directly to the store, Quinn said.
“We had the choice to add inventory more slowly, using store profits or loans, but decided to continue selling stock in order to get up to full speed as quickly as possible,” Quinn said.
“We only want to go to the community for startup funds once, so extending the offering period in order to give Quimper the best start possible makes sense.”
The first financial report about sales from the store, which opened in October, will be presented at a March 27 shareholders meeting, Quinn said.
The 15,000-square-foot store occupies the old Swain’s Outdoor location at 1121 Water St.
It always is adding new items, and just acquired the dedicated computer terminal needed to sell fishing licenses.
The staff currently is learning the process with the hope of beginning license sales later this week, store manager Sheldon Spencer said.
The store is now affiliated with a “buying group” that will allow it better access to more merchandise at lower prices, Spencer said.
Several events scheduled around Valentine’s Day and the Super Bowl have been successful in drawing customers into the store, he said.
For more information about the store and its stock offering, visit www.quimpermerc.com.
Jefferson County Editor Charlie Bermant can be reached at 360-385-2335 or at charlie.bermant@peninsuladailynews.com.
