OTHER NEWS : Ride’s Over for 30 Merry-Go-Round Stores
From Times Staff and Wire Reports
Merry-Go-Round Enterprises Inc. said it will close 30 under-performing clothing stores and take a special after-tax charge of between $28 million and $32 million in the third quarter. Michael D. Sullivan, president and chief executive of the ailing Joppa, Md.-based retailer, said the move will strengthen the company’s store network and help return it to profitability. The company said the write-down of slow-moving inventories would account for about 70% of the special charge, the precise amount of which has not yet been determined. Merry-Go-Round expects to announce a loss for its fiscal third quarter on Dec. 2, a spokeswoman said.
