The Toys loss is significantly up from Vornado's second quarter, when the chain cost it $7.9 million. But Vornado still posted an overall net-income gain of $148.7 million during that period.
In a company statement Vornado management downplays the third-quarter Toys loss, saying the chain's business is "highly seasonal" and its "fourth quarter net income accounts for more than 80% of its fiscal year net income."
In January Vornado management announced the closure of 87 Toys stores, 12 of which were converted into Babies "R" Us units, with the remainder permanently shutting their doors.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
