FINANCE

Friedman’s To Pay $2 Million Settlement

BY CSA STAFF

Washington, Friedman’s will pay $2 million into the U.S. Postal Inspection Service’s Consumer Fraud Fund to settle allegations of securities fraud, federal regulators said today.

The Securities and Exchange Commission alleged in a statement that Friedman’s, which filed Chapter 11 in January, “systematically inflated earnings to meet Wall Street’s expectations” from 2001 to 2003.

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Pathmark 3Q Loss Widens

BY CSA STAFF

Carteret, N.J., Pathmark Stores Inc. reported a net loss of $18.3 million, compared to a net loss of $3.6 million the year before. Sales rose 0.1% to $980.5 million despite a 0.6% decrease in same-store sales.

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GameStop Has Tough 3Q

BY CSA STAFF

Grapevine, Texas, GameStop Corp. reported a net loss of $2.5 million in the third quarter, which includes $18.8 million in expenses related to the retailer’s merger with Electronics Boutique. That compares with net earnings of $12.1 million in the year-ago period.

Sales for the third quarter grew 28.2% to $534.2 million despite a 12% decline in same-store sales.

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