Reorganization blamed for most of Heilig Sept. loss
By Furniture Today Staff -- Furniture Today, December 2, 2001
RICHMOND, Va. — Heilig-Meyers reported a $17.4 million net loss in September, mostly associated with reorganization charges.
The retailer, which filed for bankruptcy protection in August 2000 and has since shut down its core Heilig-Meyers stores to concentrate on 66 RoomStore units, listed $13.1 million in losses associated with reorganization items. The operating loss before the reorganization items was about $3.4 million.
September sales were $26.2 million. Sales came in at $256.9 million through the first seven months of the fiscal year. The net loss through the first seven months climbed to $290.9 million, with $217.1 million in losses associated with reorganization as the company closed stores and wound down operations.
Curtis Kimbrell, president of The RoomStore, couldn't elaborate on the numbers but noted the RoomStore chain "is operating pretty close to plan and we're happy with the results."
Kimbrell has said he expects RoomStore to generate sales of $320 million this fiscal year, which ends in February.
Separately, The RoomStore has moved its corporate office and staff of about 45 people out of Heilig-Meyers' 210,000-square-foot former headquarters in the West Creek office park here to an 18,000-square-foot building nearby at 12501 Patterson Ave.
Heilig employees winding down operations remain in a small space on one floor of the six-story former headquarters building.
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