The company also will open five stores in Europe in 2008. However, the retailer still foresees opening a total of 70 units in the United Kingdom and Ireland.
"We are analyzing all leases that expire in 2009 and 2010," said Maxine Clark, chairman and chief executive bear. "We expect that some leases will be renewed, some will be relocated, and some will not be reviewed."
In September, the company announced it would close its nine-unit 'friends 2B made' custom doll chain, and a number of those stores could become expanded Build-A-Bear units.
"While the store had appeal, it would require additional investment of both financial and human potential," Clark said.
Net retail sales were $105.8 million, down 2% from the same period last year. Consolidated comp store sales declined 11.6%. A comp-store sales decline in North America was partly offset by new stores and an 8.2% increase in comps in Europe. The company posted a net loss of $2.0 million, vs. earnings of $3.0 million last year.
Build-A-Bear Workshop operates more than 400 Build-A-Bear Workshop stores worldwide, including company-owned stores in the U.S., Puerto Rico, Canada, the United Kingdom, Ireland and France, and franchise stores in Europe, Asia, Australia and Africa.
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