OTHER NEWS - Dec. 20, 1994
From Times Staff and Wire Reports
House of Fabrics Lists Pretax Charges: The Sherman Oaks-based fabrics and crafts retailer said it had costs of as much as $69 million in the third quarter because of store closings and deep discounts on its inventory. House of Fabrics Inc., which recently sought Chapter 11 protection from creditors in Bankruptcy Court, said it will take pretax charges of up to $50 million to cover the cost of closing more than 200 stores, and a $19-million pretax loss provision because of steep markdowns. The company didn’t say what the after-tax effect on third-quarter earnings would be. Sales for the quarter ended Oct. 31 fell 36% to $90.6 million.
