Profit rise Burlington Coat Factory
The American Burlington Coat Factory Warehouse Corp. last Friday said quarterly profit rose slightly in spite of a decline in sales at stores open least a year amid a sluggish retail environment. The retailer, which operates 333 Burlington Coat Factory stores, reported net income for the fiscal second quarter of USD 41.6 million, USD 41.3 in the same period last year.
Sales at stores open at least a year declined 1.3 percent in the quarter, while total sales rose to USD 782.8 million from USD 744.2 million a year ago. The company said it expects to open six Burlington Coat Factory stores and two MJM Designer Shoe stores during the rest of the fiscal year.
Burlington Coat Factory Warehouse Corporation is a national department store retail chain offering current and high quality designer merchandise at up to 60 per cent less than other department store prices. Burlington Coat Factory stores feature outerwear, apparel, shoes and accessories for the entire family, baby clothes, furniture, toys, home decor items, and gifts.
January 11, 2003
Burlington requests more reorganisation time
US textile maker Burlington Industries is asking a federal judge to put off a looming deadline for the company to file a bankruptcy reorganisation plan. Burlington wants the deadline extended from September 16 to January 31. Burlington Industries says it needs more time for it's reorganisation plan.
A federal judge granted an earlier extension requested by Burlington. A second extension would give Burlington 15 months, from the time the company filed for bankruptcy to submit a plan before creditors can submit one. This does not seem to be an unusually long period of time in this type of bankruptcy case. More time is often needed to show creditors that a company is progressing and will survive post-bankruptcy.
Burlington Industries has cut more than 4,000 jobs from its payroll.
Judge Randall J. Newsome is set to make a decision on Burlington's request on
Sept. 24. By filing the request in a Delaware court Tuesday, Burlington automatically
extended its deadline until the hearing.
09-06-02