Fleetwood to Sell or Close 22 Retail Stores

Bloomberg News

Fleetwood Enterprises Inc., the largest U.S. maker of recreational vehicles, expects to sell or close at least 22 of its retail stores by the end of April, according to a regulatory filing. The Riverside-based company also has entered into a limited operating agreement with an unnamed "large independent retailer" that will take over the operations and most of the new inventory at 67 other retail outlets, the Securities and Exchange Commission filing said. Fleetwood said it would recognize the revenue and profit as the assumed inventory is liquidated. Fleetwood, which also retails manufactured housing, closed 47 retail stores in the first three quarters of the fiscal year that ends April 30. The company said earlier this month that it is in violation of financial terms on $80 million in notes because of its fiscal third-quarter loss. Fleetwood shares rose 2 cents to close at $9.15 on the NYSE.

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