PORT TOWNSEND — If a Quimper Mercantile Co. proposal is approved, state residents will have a unique stocking stuffer available this holiday season: shares in a new publicly owned and operated general merchandise emporium.
The Quimper Mercantile Co. has submitted its stock-offering circular to the Washington State Department of Financial Institutions for review and approval, taking the next step toward opening a store that began as an idea to replace Swain’s Outdoor, which closed in February after operating at 1121 Water St. in Port Townsend since 1996.
Quimper Mercantile announced the action Oct. 10 and said that approval would take some six to eight weeks.
After that, the company will offer its stock to the public for the store envisioned as offering a place to purchase clothes, sporting goods and other items that were offered by Swain’s.
Before Christmas
Chief Operating Officer Tim Whyte said the company hopes to begin selling stock before Christmas.
Until the stock is approved, the company is in a “quiet period” and cannot discuss particulars of the offering and what it would entail.
It already has $50,000 in founder money and would seek to raise as much as $950,000 in the public stock offering, according to a statement.
The company said previously it would limit the amount of stock each purchaser can acquire, but it is not clear whether that rule could be enforced.
One certainty is that stock will be available for purchase only by residents of Washington state.
Using a unique filing called a SCOR — or Small Company Offering Registration — this distinction reduces the cost because it does not require federal approval from the Securities and Exchange Commission.
No decision has been made as to the location of the proposed store.
The Swain’s location at 1121 Water St. remains vacant and is still under consideration, but other locations also are under consideration, said CEO Peter Quinn.
Quinn has said the company hopes to have the store open by June 2012.
Swain’s Outdoor in Port Townsend was a separate retailer from Swain’s General Store in Port Angeles, which remains open.
For more information, visit www.quimpermerc.com.
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Jefferson County Reporter Charlie Bermant can be reached at 360-385-2335 or at charlie.bermant@peninsuladailynews.com
