50-OFF Stores announces results of year-end physical inventory.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Texas--(BUSINESS WIRE)--Jan. 30, 1997--San Antonio based 50-OFF Stores, Inc. announced Thursday the results of its year-end physical inventory at its 43 off-price/close-out retail stores and its clearance and distribution centers. As previously reported, the company and its significant subsidiaries filed petitions for protection under Chapter 11 of the Bankruptcy Code Bankruptcy Code may refer to:
Whereas the inventory shrinkage determined in the fiscal 1996 and 1995 physical inventories ran 4.14 percent and 3.82 percent of sales, respectively, the fiscal 1997 inventory reflected a 1.87 percent shrinkage, right in line with the retail industry average as reported by the University of Florida University of Florida is the third-largest university in the United States, with 50,912 students (as of Fall 2006) and has the eighth-largest budget (nearly $1.9 billion per year). UF is home to 16 colleges and more than 150 research centers and institutes. in its "National Retail Security Survey" and below the reported 2.14 percent average for discount stores. Dollar shrinkage dropped to $984,853 from $3,625,697 and $3,408,714 in fiscal 1996 and 1995, respectively. "Shrinkage" is the book loss on inventory due to the physical loss of inventory attributed to (industry averages): employee theft (38.4 percent), shoplifting Ask a Lawyer Question Country: United States of America State: Florida caught shoplifting at sears 12/05/05, first time, 20yearsold, have no criminal record. (35.8 percent), administrative error (19.4 percent) and vendor fraud (6.4 percent). Shrinkage reduction has been a major concern of 50-OFF's management, and the recent results are cause for confidence in programs initiated this year reverse historical trends. 50-OFF management continues to work toward the filing of a reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. with the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. and expects to file such a plan shortly around 41 continuing 50-OFF and LOT$OFF stores in Texas (28), Louisiana (5), Oklahoma (4), New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). (3) and Tennessee (1). CONTACT: 50-OFF Stores Inc., San Antonio Media Contact: Charles Fuhrmann, 210/804-4904 Creditor Contact: 210/804-5357 |
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