The red ink flowed for The Bon-Ton Stores Inc. and Stein Mart Inc. in the second quarter, but Stage Stores Inc. managed to hold up better with just a small decrease in profits.
At Bon-Ton, losses widened to $33.8 million, or $2.01 a share, as the company took a $12 million, or 72 cent a share, charge to write down the value of goodwill. The charge was prompted by a drop in the firm’s stock value and expectation the tough economy will impede a near-term recovery. The quarterly losses compared with losses of $15 million, or 91 cents, a year ago.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"