ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, October 11, 1996 TAG: 9610110047
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
DATELINE: RICHMOND
Discount retailer Best Products Co. reported that its sales nose-dived by 26.5 percent for the five weeks ended Oct. 5.
The company said sales fell to $94.2 million from $128.1 million for the five weeks ended Sept. 30.
Sales for the year so far dropped 12.3 percent to $712.1 million compared with $810 million for the same period last year.
The Richmond-based chain filed for Chapter 11 bankruptcy Sept. 24. Best announced Monday that it was closing nearly half of its 169 catalog showroom stores and three of its four distribution centers.
Best received approval from bankruptcy court Thursday for interim financing that will allow the chain to continue operations while it reorganizes.
Judge Douglas Tice Jr. approved a plan for CIT Group/Business Credit Inc. to provide interim financing. After the bankruptcy filing, Best said it had secured $250 million in financing from CIT.
- Associated Press
LENGTH: Short : 29 linesby CNB