Tweeter Has Tough 4Q, Year
Canton, Mass., Tweeter Home Entertainment Group narrowed its net loss to $10.3 million from $12.6 million in its fourth quarter ended Sept. 30. Total revenues were down 3.1% to $175.9 million, as comp-store sales sank 3.5%.
For the fiscal year, Tweeter’s net loss widened to $18.2 million from $11.7 million the year before. Sales were up 0.1% to $778.2 million, despite a 1% decline in same-store sales.
The company said its results were impacted by hurricanes, which disrupted store operations across the Southeast, and the discontinuation of the retailer’s Bang & Olufsen stores.
CBL Acquires Malls in Texas, Missouri
Chattanooga, Tenn., CBL & Associates Properties, Inc. is spending $249.4 million to acquire Mall Del Norte in Laredo, Texas, and Northpark Mall in Joplin, Mo. At just under 1.2 million sq. ft., Mall Del Norte is currently 88% occupied and features Dillard’s, Foley’s, J.C. Penney, Mervyn’s and Sears as anchor tenants. Northpark Mall, which totals 991,100 sq. ft. and is currently 77% occupied, is anchored by Famous Barr, J.C. Penney, Sears and Hollywood Theaters.
New York Toy Story Will Unwrap on Thanksgiving
New York City, FAO Schwarz is unveiling its redesigned flagship store on Fifth Avenue at 58th Street in New York. City. The store is scheduled to open its doors at 10 a.m. on Thanksgiving Day, Nov. 25. Its launch follows the Oct. 22 reopening of FAO Schwarz’s Las Vegas store, located within The Forum Shops at Caesars Palace.
“We are building on the store’s 142-year legacy, preserving the tradition of exceptional quality and service that has always defined FAO Schwarz while enhancing the store experience for a new generation,” said Jerry Welch, FAO Schwarz’s CEO. “At the same time, our new Web site and the FAO Schwarz catalog give us additional channels to reach customers across the globe.”
The store, which was redesigned in collaboration with the Rockwell Group, features a breathtaking Grand Hall adorned with more than 20,000 computer-controlled colored lights, a giant dance-on piano keyboard, and “FAO Schweetz,” a classic New York ice-cream parlor serving desserts.
FAO Schwarz was founded by Frederick August Otto Schwarz, who opened his first store in Baltimore in 1862 and relocated to lower Manhattan in 1870. The New York City flagship store moved to its current location in 1986.