Broadway Stores Inc. said Tuesday that its loss nearly tripled in its fiscal second quarter as sales languished.
The Los Angeles-based department store chain, which last week agreed to be acquired by Federated Department Stores Inc., said its loss widened to $37.4 million, or 80 cents a share, from a loss of $12.9 million, or 28 cents, in the same quarter last year.
Revenue for the period ended July 29 rose 0.8% to $460.6 million from $457.0 million. Same-store sales, or sales at stores open at least a year, declined 1.2%.
Broadway operates 82 stores under the names The Broadway, Emporium and Weinstocks.
Federated has said it plans to invest about $525 million in the next three years to convert and remodel Broadway’s stores.
Many of Broadway’s suppliers had stopped shipping to the debt-laden chain, forcing the company’s management to consider filing for Chapter 11 bankruptcy protection before Federated made its offer.