Bombay's stock tumbles
By Furniture Today Staff -- Furniture Today, April 30, 2007
Fort Worth, Texas — The stock of troubled retailer The Bombay Company fell sharply last week, days after the company disclosed that its auditor might attach a "going concern" qualification to the company's financial statements.
The stock had fallen below $1 per share by Friday afternoon. Bombay's shares have traded at roughly $1.10 to $1.30 per share in recent weeks, and the price Friday represented a new 52-week trading low.
In an April 20 filing with the Securities and Exchange Commission, the retailer said it would be late filing its annual Form 10-K because it is negotiating a new supplemental credit agreement. If it's not successful getting an agreement, Bombay said, its accounting firm will issue an opinion "that expresses substantial doubt about the company's ability to continue as a going concern."
