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Bombay Closing More Stores

FORT WORTH-The home décor chain is set to shutter 10 to 14 stores during its second quarter as part of its store rationalization strategy.

By Jennifer D. Duell | Updated on May 19, 2006

FORT WORTH-The Bombay Company Inc. said it plans to close 10 to 14 stores during its second quarter, following the closing of 20 stores during the first quarter. The newest round of closings is expected to take the chain’s count to between 460 and 465 stores nationally. Today, it has about 479 stores.

The store closures are part of Bombay’s store rationalization strategy, according to Chairman and CEO James D. Carreker. The strategy was implemented to improve operations at the chain, which has experienced decreased same-store sales and loss of revenue.

During the first quarter, same-store sales declined 1.2%, while revenue fell to $118.7 million from $122.1 million for the same period last year. The chain’s net loss for the quarter nearly doubled to $15.6 million, or 43 cents per share, compared to a net loss of $8 million, or 22 cents per share, for the same period last year.

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