The recession and the retail bankruptcies it has triggered pushed Tarrant Apparel Group Inc. to a fourth-quarter loss on a double-digit sales decline.
For the quarter ended Dec. 31, the Los Angeles-based firm lost $5.8 million, or 19 cents a diluted share, compared with profits of $325,000, or 1 cent a share, a year earlier. Included in the loss for the 2008 quarter was a pretax goodwill impairment charge of $1.4 million for the disposition of Tarrant’s 45 percent stake in American Rag Cie LLC. Sales in the three months fell 34.5 percent to $37.5 million from $57.3 million in the 2007 quarter.
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?"