June Losses Up, Carter Hawley Says
Carter Hawley Hale Stores said Friday that its losses grew in June, largely because of the weak California economy.
The Los Angeles-based retailer, the biggest department store company in the West and parent of Southern California’s Broadway chain, said it lost $5.4 million on sales of $196.5 million in the five-week period ended July 6.
In May, Carter Hawley lost $3.8 million. It didn’t disclose its earnings for June, 1990. Sales at stores open more than one year were off 7.6% from June, 1990.
Because of the weak economy in California, Carter Hawley said, it estimates that sales at stores open more than one year suffered an ever sharper decline in July.
The company, which filed for Chapter 11 bankruptcy court protection in February, is the target of an acquisition attempt by the Zell/Chilmark investment fund of Chicago. Zell/Chilmark is offering to pay up to $220 million to settle most creditors’ claims against Carter Hawley, a move that likely would allow the fund to gain a controlling interest in the retailer.