Clothestime Losses, Revenue Drop
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ANAHEIM — Clothestime Inc., the struggling apparel chain, narrowed its losses in the first quarter while revenue slipped, the company reported Friday.
Clothestime lost $3.4 million, or 24 cents a share, in the three months ended April 26, compared with a net loss of $5.8 million, or 41 cents a share, a year ago. Revenue dropped 2.8% to $42.5 million from $43.7 million a year earlier.
Clothestime operates 322 junior women’s stores in 17 states and Puerto Rico. The chain hopes to leave U.S. Bankruptcy Court later this year after gaining approval for a business reorganization plan. The chain entered bankruptcy in December 1995.
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