Advertisement
YOU ARE HERE: LAT HomeCollectionsHouse Of Fabrics
IN THE NEWS

House Of Fabrics

FEATURED ARTICLES
BUSINESS
February 6, 1996
House of Fabrics Inc., a Sherman Oaks fabrics retailer in Chapter 11 bankruptcy proceedings, has signed a definitive agreement with its bank group for an extension of its debtor-in-possession financing. The bank group, led by Bank of America, agreed to extend the $17.3 million in financing through April 30. House of Fabrics filed for bankruptcy reorganization in November 1994.
ARTICLES BY DATE
BUSINESS
February 2, 1998 | DEBORA VRANA, TIMES STAFF WRITER
House of Fabrics Inc., the Sherman Oaks, Calif., operator of retail fabric stores, said Sunday it had agreed to be acquired by the nation's largest fabric and craft retailer for about $100 million in cash and debt. Once a strong fixture of the California retail industry, House of Fabrics said that rival Fabri-Centers of America Inc. of Hudson, Ohio, has offered about $26 million in cash, or $4.25 a share. House of Fabrics stock closed Friday at $3.19 a share on Nasdaq.
Advertisement
BUSINESS
July 5, 1988
Investor Myron Kaplan lowered his stake in House of Fabrics from 8.4% to 7%, according to a filing he made with the Securities and Exchange Commission. Kaplan, a former director of Sherman Oaks-based House of Fabrics, said that between May 11 and June 29, he sold 93,800 of the company's common shares for between $18 and $19 a share, reducing his holdings to 469,000 shares.
BUSINESS
April 15, 1997
House of Fabrics Inc. posted its second consecutive profitable quarter since emerging from bankruptcy court protection last summer. For its fourth quarter that ended Jan. 31, House of Fabrics posted net income of $405,000, compared to a net loss of $45.8 million a year earlier. Sales in the fourth quarter were $73.4 million, down 27% from $95.5 million a year ago. Much of the drop in sales was due to 93 fewer stores open in the latest period.
BUSINESS
June 10, 1986
House of Fabrics, a national chain of fabric stores based in Sherman Oaks, reported 61% higher profit on 11% higher sales for its first quarter, ended April 30. First-quarter earnings were $1.2 million, or 18 cents a share, versus $748,000, or 11 cents a share, in the same quarter a year ago. Sales were $71.2 million, up from $64 million a year earlier. The year-ago figures include $2.9 million in sales from 35 Craft Showcase stores that House of Fabrics has since sold, has closed or is closing.
BUSINESS
February 12, 1991
House of Fabrics' bid to acquire Fabricland has stalled, with Fabricland erecting an anti-takeover barrier that House of Fabrics will try to overturn in court. House of Fabrics, a Sherman Oaks-based operator of the nation's largest chain of sewing and fabric stores, launched a tender offer of $13.50 a share, or $44 million, for Fabricland on Jan. 10. Fabricland, based in Portland, Ore., operates fabric stores in the Western United States.
BUSINESS
November 8, 1994
House of Fabrics Inc., a Sherman Oaks-based fabric retailer that filed for Chapter 11 bankruptcy protection last Wednesday, said the bankruptcy court has approved its use of cash flow from company operations to purchase merchandise and fund ongoing operations through the end of the month. The company said the decision allows it to begin receiving shipments of standard items for its stores and to renew stock that has been in short supply in recent months.
BUSINESS
September 4, 1990
House of Fabrics reported a profit of $703,000 in its fiscal second quarter that ended July 31, contrasted with a year-earlier loss of $119,000. The Sherman Oaks-based operator of 613 fabric and sewing stores said the earnings gain came on an 8% increase in sales, to $87.4 million from $81.3 million. House of Fabrics said the improvement reflected its shift from operating smaller, shopping-mall outlets to large superstores, which has increased the company's profit margins.
BUSINESS
May 29, 1996 | PATRICE APODACA, TIMES STAFF WRITER
The New York Stock Exchange on Tuesday suspended trading in House of Fabrics Inc. and said it would apply to the Securities and Exchange Commission to delist the stock of the Sherman Oaks retail chain. The exchange said it was taking the action because House of Fabrics' net tangible assets and three-year average net income fell below the minimum levels required for continued listing. It also cited the company's Chapter 11 bankruptcy filing. Gary L.
BUSINESS
May 29, 1996 | PATRICE APODACA, TIMES STAFF WRITER
The New York Stock Exchange on Tuesday suspended trading in House of Fabrics Inc. and said it would apply to the Securities and Exchange Commission to delist the stock of the Sherman Oaks retail chain. The exchange said it was taking the action because House of Fabrics' net tangible assets and three-year average net income fell below the minimum levels required for continued listing. It also cited the company's Chapter 11 bankruptcy filing. Gary L.
BUSINESS
February 6, 1996
House of Fabrics Inc., a Sherman Oaks fabrics retailer in Chapter 11 bankruptcy proceedings, has signed a definitive agreement with its bank group for an extension of its debtor-in-possession financing. The bank group, led by Bank of America, agreed to extend the $17.3 million in financing through April 30. House of Fabrics filed for bankruptcy reorganization in November 1994.
BUSINESS
January 16, 1996 | PATRICE APODACA, TIMES STAFF WRITER
House of Fabrics Inc., trying to weave a plan for survival after more than a year in bankruptcy reorganization, said it will close 86 of its remaining 361 retail fabric stores, including a Garden Grove outlet, and shutter its distribution center in South Carolina.
BUSINESS
December 19, 1995
House of Fabrics Inc., a Sherman Oaks fabrics retailer that has been operating under Chapter 11 bankruptcy protection for more than a year, narrowed its losses in its fiscal third quarter. In the three months that ended Oct. 31, the company lost $5.52 million, in contrast with a loss of $73.2 million a year earlier. Its sales totaled $92.3 million, up slightly from $90.6 million in sales a year before. House of Fabrics' nine-month loss was $24.5 million, compared to an $86.
BUSINESS
November 8, 1994
House of Fabrics Inc., a Sherman Oaks-based fabric retailer that filed for Chapter 11 bankruptcy protection last Wednesday, said the bankruptcy court has approved its use of cash flow from company operations to purchase merchandise and fund ongoing operations through the end of the month. The company said the decision allows it to begin receiving shipments of standard items for its stores and to renew stock that has been in short supply in recent months.
BUSINESS
November 4, 1994 | GEORGE WHITE, TIMES STAFF WRITER
Faced with high costs and heavy debt despite its recent belt-tightening, the nationwide House of Fabrics retail chain said Thursday it has sought protection from creditors under Chapter 11 of the Bankruptcy Code. The once-thriving retailer of fabrics and home sewing items, which was founded in Los Angeles in 1946 and grew into a network of more than 600 stores, has been hurt by stiff competition and the struggling California economy, analysts said.
BUSINESS
October 3, 1994 | JENNIFER PENDLETON, SPECIAL TO THE TIMES
These are trying times for House of Fabrics Inc. The once-thriving Sherman Oaks-based retailer of fabrics and home sewing items has been in a slump since 1992, when earnings collapsed under the weight of the national economic recession. Hoping to engineer a turnaround, House of Fabrics recently announced a tentative refinancing proposal, plans to close nearly a third of its existing stores, and an expanded emphasis on merchandising craft and home decorating items.
Los Angeles Times Articles
|