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Retailing

July 23, 1994|From Times Staff and Wire Reports

Frederick's Announces Loss Linked to Closings: Frederick's of Hollywood Inc. said it will post the loss for its fiscal fourth quarter as it spends $2.4 million to close a dozen unprofitable stores and refocus on the frilly lingerie that made it famous. Chief Financial Officer John Hatfield said the one-time expense represents a fundamental shift in philosophy as the company drops lines that are too mainstream or don't offer adequate profit. The Los Angeles retailer, which also has a mail-order division, did not disclose which of its 209 stores will be closed. Chairman George Townson said it is too early to estimate the size of the fourth-quarter loss. Frederick's Class B shares fell 25 cents to $4.25 on the New York Stock Exchange on Friday.

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