WARNACO POSTS $26M 4-WEEK LOSS
Byline: Vicki M. Young
NEW YORK — Bankrupt Warnaco Group lost $26 million on sales of $127.6 million for the four weeks ended Oct. 6.
The filing in Manhattan bankruptcy court last week was the first monthly operating report filed by the company since it sought Chapter 11 bankruptcy court protection in June. For the four months ended Oct. 6, the loss was $184.7 million on sales of $459.3 million. The manufacturer last reported earnings in April, shortly before it filed for bankruptcy.
In addition, Warnaco also received court approval to implement a retention plan that has a potential cost of up to $26 million for 245 senior managers, managers, directors and supervisors.
Warnaco Group and former chief executive officer Linda J. Wachner are also seeking court approval of the end of Wachner’s employment agreement.