Larry Thomas
\nFORT WORTH, Texas \u00e2\u20ac\u201d The stock of troubled retailer The Bombay Company fell sharply Thursday and Friday, a
\n\t\t
\nweek after the company disclosed that its auditor might attach a \u00e2\u20ac\u0153going concern\u00e2\u20ac\u009d qualification to the company\u00e2\u20ac\u2122s financial statements.<\/p>\n
The stock closed Friday at 94 cents per share\u00c2\u00a0\u00e2\u20ac\u201d\u00c2\u00a0 and traded much of the day below 90 cents\u00c2\u00a0\u00e2\u20ac\u201d on very heavy volume. That represented a drop of more than 5% from its closing price on Thursday, when it went below $1 per share for the first time.<\/p>\n
Bombay\u00e2\u20ac\u2122s shares have traded at roughly $1.10 to $1.30 per share in recent weeks, and the prices on Thursday and Friday represented new 52-week trading lows.<\/p>\n
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 in the midst of negotiating a new supplemental credit agreement. If it\u00e2\u20ac\u2122s not successful getting a new credit agreement, Bombay said its accounting firm will issue an opinion \u00e2\u20ac\u0153that expresses substantial doubt about the company\u00e2\u20ac\u2122s ability to continue as a going concern.\u00e2\u20ac\u009d<\/p>\n
In March, Bombay reported a net loss of $52.8 million for the fiscal year ended Feb. 3. That was on top of a net loss of $46.7 million the previous fiscal year.<\/p>\n
The company said revenues for the most recent fiscal year were 5.1% blow the previous fiscal year, and same-store sales declined 5.4%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Larry Thomas FORT WORTH, Texas \u00e2\u20ac\u201d The stock of troubled retailer The Bombay Company fell sharply Thursday and Friday, a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-3897","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=3897"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3897\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=3897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=3897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=3897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}