Retail chain Max-Wellness is planning a $5 million fundraise, but the company could reveal bigger news in the next month.
CEO Michael Feuer, who made millions as co-founder of office supply superstore OfficeMax, wouldn’t reveal much information surrounding next month’s planned announcement, but said it would detail “unique and significant” moves for the company. Those moves involve an expansion of Max-Wellness’ retail locations, which now number four, Feuer said.
Feuer is building what he hopes will be a national chain of Max-Wellness stores that stock a growing array of health products, from vitamins, blood pressure monitors and sleep aids to custom orthotics, high-end orthopedic braces and sexual well-being DVDs. The first location opened in Westlake, Ohio, about a year ago.
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The company has raised $1 million of a $5 million private placement, according to a regulatory document filed with the U.S. Securities and Exchange Commission. The offering is open to existing investors, though Feuer said he’d prefer to buy the entire amount himself.
The company has raised approximately $10 million since it began, Feuer said.
Feuer believes now is the right time for retailers to cash in on the $100 billion-a-year wellness industry.
“I have a very simple business theory: I’d rather be lucky than good,” he told MedCity News last year. “However, when one is lucky, you have to be smart enough to know there’s an opportunity. And then you seize it.”
