Trend Addictions will be open again under new ownership, with the help of a $30,000 revolving loan from the village.
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The board approved the request Monday night following discussion in executive session. The loan to Taylor Pearson will be paid back over 10 years at 2-percent interest, Mayor Randy Shayler. Pearson will be Trend Addictions’ sole owner.
“This is a young Wellsville person … She’s come back here and she’s opening a business here,” Shayler said after the meeting. “She has her parents’ support. This is a big win for Wellsville.”
The mayor said the request was considered by the Revolving Loan Committee and passed on to trustees.
“It’s been 30 days that we’ve had the request,” he said. “We’ll process the paperwork and she’ll get a check for $30,000.
“It (Pearson’s loan request) was well prepared, very well documented. There weren’t any questions (from the board) at all,” Shayler said.
The store is currently closed. Pearson Monday night told The Daily Reporter she’s excited about becoming a business owner.
“This has been a dream of mine for as long as I can remember. I”ve always wanted to own a business, but didn”t think the opportunity would present itself being this young and fresh out of college,” said the St. Bonaventure University graduate. “I can”t put into words how much I am looking forward to pursuing my dream, but also benefiting the town that shaped me. This was a career path I always wanted to pursue, but was unsure how to get my start.”
As far as financing, Pearson said, “The loan is for the purchase of the Trend Addictions brand, some remaining inventory, the website, ‘Trend Scent,’ all digital and social media assets (blog, Facebook, etc..), as well as most of the furniture and fixtures that remain in the store.”
Pearson, who will buy the business from current owner Megan Freeman, said the sale has not been completed.
“The first step was obtaining the village loan. We hope to finalize the purchase agreement in the next couple of days and close the sale as soon as possible,” Pearson said. “My hope is to have the business back open by early March.
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“The merchandise will be mostly the same — women, children and home decor. I would like to build upon the brand that is already successfully established,” Pearson said. “However, I hope to slowly introduce/expand into men’s, along with women’s, casual business wear. I believe the online business will be vital to my success. The primary focus will be the physical location, allowing for viable foot traffic and visibility.
“I can remember shopping at Trend and admiring Megan standing behind the counter. Megan will be instrumental in teaching me how to successfully reopen the business, but I believe over time I will be able to implement my own personality and vision.”