FAO Posts Loss After Closing Stores
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FAO Inc., owner of the FAO Schwarz and Zany Brainy chains, had a fiscal second-quarter loss of $18.8 million after it closed 111 locations in a reorganization.
The net loss was $4.05 a share, FAO said. The King of Prussia, Pa., company, which exited Chapter 11 protection and sold convertible preferred stock in April, lost $18.2 million, or $8.01, a year earlier.
Sales in the three months ended Aug. 2 fell by almost half to $46.3 million from $90 million a year earlier.
Shares of FAO dropped 32 cents to $3.30 on Nasdaq.
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