PORT TOWNSEND — Quimper Mercantile Co. has raised more than half the money it needs to open a new general merchandise store in downtown Port Townsend.
The company announced this week that it had raised $250,000 toward the $425,000 needed to open the store at 1121 Water St., the former location of Swain’s Outdoor.
“We are grateful to the 135 people who have purchased between one and 100 shares,” said Chief Executive Officer Peter Quinn.
“They know their investment in a community corporation will pay dividends beyond stock ownership,” he added.
The full amount will exceed the “impound rate,” after which the money can be used to renovate the space, which is a few blocks from the ferry terminal, and purchase inventory.
Once that occurs, investors will receive stock certificates bearing their names and the number of shares they own.
Quinn said the store will open about 90 days after the impound amount is raised.
After that, the company will continue to sell stock in the hope of raising a total of $950,000.
Closure of Swain’s
The company began exploring the idea of opening a general store downtown after the closure of Swain’s Outdoor in February 2011 and held several private meetings before beginning stock sales in January.
Since that time, it has held four public meetings — one each in Quilcene, Chimacum, Port Townsend and Port Hadlock — to present information about the venture and sell stock.
The next public meeting is planned from 3 p.m. to 5 p.m. Monday at the Pope Marine Building on Water Street across from City Hall.
Quinn said the meeting was scheduled for people who could not attend the other presentations, which were held in the evening.
The company is renting 17,000 square feet of space that will be subdivided into an 11,000-square-foot section for the store’s initial opening, Quinn said.
Floors will be replaced and partitions removed.
Mural to remain
A large mural depicting Port Townsend, signed by artist James Mayo and dated 2004, will remain, Quinn said.
Quinn is optimistic the financial goal will be raised.
“If you are interested but waiting to see how we do, this is proof it’s going well and it’s time for investors to come forward and get our doors open,” Quinn said.
“There is no better time to invest,” he added.
For more information and a prospectus, phone 360-379-4693 or visit www.quimpermerc.com.
________
Jefferson County Reporter Charlie Bermant can be reached at 360-385-2335 or at charlie.bermant@peninsuladailynews.com.
