NEW YORK--Apparel and retail stocks were caught in the downdraft as the Dow Jones Industrials slumped 49.79 points Thursday, reacting to the fallout from the bankruptcy of Orange County, California.
As a result of the bankruptcy, billions in securities held as collateral by investment firms have been frozen and the consequences are still unclear.
Among the most active issues on the New York Stock Exchange, Wal-Mart Stores dropped 1 1/8 to 21 1/4, a new 12-month low for the discounter.
Kmart also hit a new low, losing 1/4 to 13 5/8. Other 12-month lows were registered by Federated Department Stores, down 5/8 to 18 5/8; Sears, Roebuck & Co., down 1 3/8 to 44 1/2; Burlington Coat Factory Warehouse, off 3/8 to 10 1/2, and Farah Inc., down 3/8 to 6 7/8.
Among other sharp decliners were Liz Claiborne, down 1 1/8 to 20 7/8; VF Corp., 1 1/2 to 44 3/8; Warnaco Group, 1/2 to 14 5/8; Phillips Van-Heusen, 1 1/8 to 14 1/8; Tommy Hilfiger, 1 3/8 to 41 1/4, and Haggar, 1 3/4 to 20 1/2.
--Fairchild News Service

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