GEER Announced this 2 days ago
Geerlings & Wade, Inc. (GEER:PK), announced today that the Geerlings & Wade legacy catalog brand has been sold to an undisclosed buyer that will continue to operate the Geerlings & Wade brand as a direct mail and online wine source. The Company will continue to operate as The Traveling Vineyard, which is its current in-home wine tasting brand. This transaction has allowed the Company to restructure its Balance Sheet and retire its credit line and debt with Wells Fargo bank.
Gordon Romer, President and CEO of Geerlings & Wade, Inc. and The Traveling Vineyard (TTV), stated, "While The Traveling Vineyard has always put our Consultants first, there will now be, without question, a 100% commitment of staff and financial resources to the success of our Independent Wine Consultants. Our core competency of producing wines and collaborating with wineries around the globe to offer exclusive, quality wines at great values remains the same. Our Home Office Team is a dedicated group of people focused on delivering world-class customer service, marketing, training, technology and operational support. Our Consultant opportunity is unparalleled, offering wine enthusiasts the chance to turn their love of wine into a flexible, financial rewarding and fun business."
He further stated, "While the majority of resources and growth initiatives have been focused on building The Traveling Vineyard business, our company and stories have intermingled, and unavoidably caused confusion between the brands. This move, focusing 100% of our commitment on The Traveling Vineyard, will allow us to accelerate the growth of our Consultant base and thus the company."
About Geerlings & Wade, Inc.
Founded in 1986 and based in Braintree, MA, Geerlings & Wade, Inc. is a direct marketer of premium wines and wine-related merchandise delivered directly to the consumer's home or office. Under its Geerlings & Wade brand, the Company offered a broad assortment of its own wines as well as quality imported and domestic wines through its extensive collaborative relationships with wine producers around the world. The Geerlings & Wade brand is used to promote premium wines and wine-related merchandise delivered directly to the consumer's home or office.
About The Traveling Vineyard:
The Traveling Vineyard division was launched in 2003 by Geerlings & Wade, Inc. Modeled after tasting rooms found at fine wineries the world over, The Traveling Vineyard allows consumers to sample several different wines in the comfort of their own homes. The Traveling Vineyard currently has over 1,800 Independent Wine Consultants in 29 states throughout the U.S. and has reached over 500,000 wine consumers. For more information about The Traveling Vineyard please visit www.thetravelingvineyard.com.
For further information contact:
The Traveling Vineyard
Allison Casey
(781) 332-3000
acasey (at) thetravelingvineyard.com
45 Braintree Hill Park
Bra 00004000 intree, MA 02184
Author Information
Allison Casey
The Traveling Vineyard
