HE-RO’S LOSS RISES TO $4.6M IN 4TH QUARTER
NEW YORK — After a $3.9 million charge for restructuring and special costs, He-Ro Group Ltd. widened its fourth-quarter loss to $4.6 million from $2.2 million a year ago. Sales for the three months ended May 31 declined 8.1 percent to $11.5 million from $12.5 million.
In July, a deal was terminated under which designer Oleg Cassini and Stonehill Investment Corp. would have injected $7 million into the company in exchange for 80 percent of the firm plus some Cassini licensing income.
He-Ro makes women’s evening and formal apparel under the Cassini and Niteline trademarks.