Printer Friendly

SHEFFIELD INDUSTRIES INCREASES BAD DEBT RESERVE

 SHEFFIELD INDUSTRIES INCREASES BAD DEBT RESERVE
 MIAMI, Fla., Aug. 19 /PRNewswire/ -- Sheffield Industries, Inc.,


(NASDAQ: HOSE), manufacturer and distributor of men's, women's and children's apparel products, including ladies sheer hosiery, today announced that it will take an extraordinary charge to earnings during its fourth fiscal quarter ended July 3, 1992 of approximately $1,000,000 attributable to the filing of a bankruptcy by Phar-Mor, Inc.
 Phar-Mor, Inc., based in Youngstown, Ohio, is a deep-discount drug store chain which filed for protection form creditors under Chapter 11 of the U.S. Bankruptcy Code on Monday, Aug. 17, 1992. This bankruptcy filing was precipitated by an alleged $350 million fraud and embezzlement scheme conducted by two principal officers of Phar-Mor. Phar-Mor has also filed a law suit against Coopers and Lybrand, its former auditors, in Pennsylvania State Court for the "grossly negligent, intentional or reckless failure to uncover a massive fraud perpetrated on Phar-Mor by two of its senior level managers over several years."
 -0- 8/19/92
 /CONTACT: Mitchell A. Hammer of Sheffield Industries, 305-624-8493/
 (HOSE) CO: Sheffield Industries, Inc. ST: Florida IN: TEX SU:


TM-LD -- NY063 -- 1468 08/19/92 16:20 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 19, 1992
Words:193
Previous Article:MULTIBANK PROMOTES ROYAL B. DUNHAM, JR. TO SENIOR VICE PRESIDENT
Next Article:ARROW INTERNATIONAL ANNOUNCES DIVIDEND FOR FOURTH FISCAL QUARTER
Topics:


Related Articles
SHEFFIELD INDUSTRIES ANNOUNCES 100 PERCENT INCREASE IN EARNINGS PER SHARE BEFORE EXTRAORDINARY ITEM IN FISCAL FIRST QUARTER
SHEFFIELD INDUSTRIES ANNOUNCES FILING OF REGISTRATION STATEMENT
SHEFFIELD INDUSTRIES ANNOUNCES OFFERING OF 675,000 SHARES
SHEFFIELD INDUSTRIES REPORTS 81 PERCENT INCREASE IN NET INCOME IN FISCAL SECOND QUARTER ENDED DEC. 27, 1991
UNDERWRITER EXERCISES 100 PERCENT OF OVER-ALLOTMENT OPTION FOR COMMON STOCK OF SHEFFIELD INDUSTRIES
CONTINENTAL BANK INCREASES CREDIT FACILITY WITH SHEFFIELD INDUSTRIES TO $10 MILLION
SHEFFIELD INDUSTRIES REPORTS RECORD SALES AND EARNINGS FOR FISCAL THIRD QUARTER ENDED MARCH 27, 1992
SHEFFIELD INDUSTRIES, INC. FORECASTS RECORD OPERATING RESULTS FOR FISCAL 1993 DESPITE ANTICIPATED FIRST HALF LOSS DUE TO OUTSIDE FACTORS
SHEFFIELD INDUSTRIES GRANTED EXTENSION OF NMS LISTING TO DEC. 31, 1992; RESUMES THREE SHIFT PRODUCTION AND RECEIVES INITIAL INSURANCE PAYMENT
The bad-debt reserve: opportunity for partial current deduction.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters