Furnishings 2000: The San Diego-based home furnishings...
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Furnishings 2000: The San Diego-based home furnishings retailer reported a net loss of $3.6 million for the second quarter ended Dec. 31. Furnishings 2000 reported an $800,000 net loss during the same quarter a year earlier. Revenue fell to $22.3 million for the quarter, down from $36.7 million a year ago.
Furnishings 2000 reported a $10.9-million net loss for the six-month period ended Dec. 31, contrasted with a $1.8-million net loss a year earlier. Revenue fell to $37.3 million, down from $68.3 million during the same quarter a year earlier.
The company linked the loss to “low sales volume and the adverse effect of a legal settlement in the quarter.” The company recorded a $1-million charge during the quarter for the tentative settlement of a sex-discrimination charge.
GF Holdings Inc. acquired 63.1% of Furnishing 2000’s outstanding common stock Sept. 20. The company received $10 million in cash in the transaction.
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