USA: Factory 2-U Stores Hit By Restructuring Charges
Off-price apparel chain Factory 2-U Stores Inc on Wednesday revealed it nearly doubled its fourth quarter net loss amid sliding sales and a large restructuring charge linked to store closures and liquidation of inventory. The operator of more than 240 stores posted a net loss of $16 million compared to $8.9m in the year-ago period on the back of restructuring costs totalling $25.5m and a slide in sales to $155.7m from $169.8m in 2001. Same-store sales for the quarter slipped 5.8 per cent.
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