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Landover, Md.-Based Crown Books Reports Worst Quarterly Loss.
Knight Ridder/Tribune Business News, September, 1998 by Fisher, Eric
Knight Ridder/Tribune Business News
Sep. 23--Troubles continue for Crown Books Corp. as the bankrupt bookseller posted a worst-ever quarterly loss of $32.7 million and the company removed its stock from the Nasdaq stock exchange.
The Landover-based Crown said the loss for the 13 weeks ended Aug. 1, a 682 percent increase from the comparable period in fiscal 1998, largely emanated from $24.3 million in reorganization costs. Crown filed for Chapter 11 bankruptcy protection in July and closed 79 of its 174 stores in August, including 14 in the Washington area.
Sales during the quarter fell 18 percent to $55.1 million, and sales at stores open at least a year, considered the best retail measure, fell 17.8 percent.
Company officials said...
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