VENTURE FUNDS: Venture Stores has inked a new three-year credit line with Bankers Trust Commercial Corp. that increases the size of the facility to $250 million from $225 million.
The retailer said the larger facility, coupled with a more favorable advance rate, will provide over $30 million in additional funding during peak borrowing periods.
“As a result of this new long-term agreement, Venture will have significantly more cash available to finance the addition of new merchandise categories and the continued expansion of its successful departments,” said Robert N. Wildrick, chairman and chief executive officer.
The 113-unit retailer is shifting from a general discounter to a value-priced department store.
ONE PRICE LOSS: Citing early markdowns and higher marketing costs, One Price Clothing Stores reported a fourth-quarter loss of $2.1 million before a $592,000 special charge of post-retirement benefits.
After the charge, the net loss for the period was $2.7 million. In the year-ago period, One Price, a 650-unit chain, was also deep in the red with a $3.5 million loss from operations and a net loss of $4.6 million after a $1.1 million accounting charge.
Sales for the latest 13-week period were off 3.9 percent to $71.3 million.
For the year ended Feb. 1, the company lost $1.3 million against a year-earlier loss of $3.2 million.
Both included the same special charges reported for the fourth quarter.
Sales for the year were up 0.5 percent to $299 million from $298 million.
ROSE’S RIDE: Rose’s Inc. said fourth-quarter earnings from operations fell to $2.1 million from $6.4 million a year ago, but the figures were distorted by special items.
The company said selling, general and administrative expenses in the latest period included a $1.4 million gain from settling tax and insurance claims, in part offset by charges of $657,000 for a terminated merger agreement with Fred’s, and $207,000 for store closings.