Shortly after revealing the news of its new store concept,
Build-A-Bear Workshop has broken more big news – the retailer will close
50-60 stores over the next two years. For the third quarter ended
September 29, 2012, net sales were $84.3 million, a decrease of 11.9%
compared to $95.4 million for the same period last year.
"We expect to close 50 to 60 more stores in the next two years in
conjunction with natural lease events," said Maxine Clark, CEO of
Build-A-Bear Workshop on a recent call with investors. "We are also
projecting to move our remaining stores to a profitable position as a
result of rent renegotiations or the transfer of sales from one of the
closing stores. This essentially will put 98% of our stores in a
profitable position based on current performance."
Comparable store sales fell across the retailer’s business dropped 11.1%, including 11.8% in North America and 7.9% in Europe.
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