NEW YORK — Jamesway Corp., coming closer to emerging from bankruptcy, showed a brighter financial picture on Friday.
The Secaucus, N.J.-based discounter reported net losses for the second quarter ended July 30 narrowed to $3.6 million, versus $9.7 million a year ago.
Second-quarter sales dipped 5.6 percent to $162.7 million from $172.4 million, but that reflected the closing of 16 stores during the past year. Same-store sales, a better indicator of retail performance than total sales, climbed 7 percent.
In the half, Jamesway lost $8.9 million against a $17.8 million loss last year. Sales declined 8.6 percent to $301.8 million from $330.1 million. Comparable-store sales improved 3 percent.
Jamesway filed for Chapter 11 in July 1993. The company expects to be out of bankruptcy by January, and last week it reached an agreement with unsecured creditors on a plan of reorganization, as reported. They will get $55 million in cash and 100 percent of the 12 million common shares in the reorganized company.
Jamesway operates 92 discount stores, compared to 108 last year.
— Fairchild News Service