'We will strategically open new stores' - West 49 CEO
11 Jun '09
4 min read
Vancouver, BC was closed as the Company continues to exit from this test concept. In addition, the Company relocated and expanded an Amnesia store in the Les Promenades de L'Outaouais mall in Gatineau, Quebec during the quarter. At the end of the quarter, the Company was operating 133 stores, compared to 134 stores a year earlier.
Banking Arrangements As previously disclosed and anticipated by management, at the end of the first quarter the Company was in breach of one of its banking covenants. The Company has since received a waiver from its bank and continues to work closely with the bank towards completing its annual renewal process during the second quarter.
Outlook "Regardless of the current economic environment, our business continues to show strong growth potential, especially our core West 49 banner," said Mr. Baio. "We believe that our competitive retailing strategies and prudent management of operations better position us for this challenging economic climate. We will strategically open new stores, continue our efforts to maximize returns from our existing stores, and will continue to review our portfolio for any under-performing stores that should be targeted for closure. These efforts, along with our continuous focus on our customers and our products, ensure that we will be the retail destination of choice for the Canadian tween and teen action sports lifestyle."
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