Clothestime Loss Widens to $3.76 Million
Clothestime Inc., still struggling with a reorganization from its bankruptcy filing a year ago, said its net loss widened in the latest quarter as revenue plummeted because of its dramatically lower store count. For its fiscal quarter ended Oct. 26, the Anaheim-based women’s apparel chain posted a net loss of $3.76 million, or 27 cents a share, of which about a third was attributed to reorganization costs. In the comparable quarter a year earlier, Clothestime had a higher operating loss but a net loss of $2.3 million, or 16 cents a share, thanks to a large income tax benefit. Sales in the latest quarter sank 41%, to $46.4 million from $78.7 million a year earlier, mainly because of store closures resulting from its Chapter 11 bankruptcy filing last December. Clothestime operates 357 stores, down from 538 last year.